Accounts receivable, December 31 Cost of goods sold Accounts payable, January 1 Accounts payable, December 31 Finished-goods inventory, December 31 Gross margin Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished-goods inventory, January 1 Direct materials used Direct manufacturing labor Manufacturing overhead costs Purchases of direct materials Revenues $ Case 1 Case 2 (in thousands) 7,000 $4,210 A 33,000 4,300 2,590 2,400 4,050 B 8,200 18,500 с 4,000 700 0 4,200 4,000 10,000 10,000 23,000 1,000 7,800 7,200 D 14,800 46,000 14,500 54,900
Accounts receivable, December 31 Cost of goods sold Accounts payable, January 1 Accounts payable, December 31 Finished-goods inventory, December 31 Gross margin Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished-goods inventory, January 1 Direct materials used Direct manufacturing labor Manufacturing overhead costs Purchases of direct materials Revenues $ Case 1 Case 2 (in thousands) 7,000 $4,210 A 33,000 4,300 2,590 2,400 4,050 B 8,200 18,500 с 4,000 700 0 4,200 4,000 10,000 10,000 23,000 1,000 7,800 7,200 D 14,800 46,000 14,500 54,900
Chapter5: Process Costing
Section: Chapter Questions
Problem 5PA: Materials are added at the beginning of a production process, and ending work in process inventory...
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![Accounts receivable, December 31
Cost of goods sold
Accounts payable, January 1
Accounts payable, December 31
Finished-goods inventory, December 31
Gross margin
Work-in-process inventory, January 1
Work-in-process inventory, December 31
Finished-goods inventory, January 1
Direct materials used
Direct manufacturing labor
Manufacturing overhead costs
Purchases of direct materials
Revenues
Accounts receivable, January 1
$
Case 2
Case 1
(in thousands)
7,000 $4,210
A
33,000
4,300
2,590
2,400
4,050
B
8,200
18,500
4,000
0
4,000
10,000
$5,000
7,200
14,800
46,000
3,400
с
700
4,200
10,000
23,000
7,800
D
14,500
54,900
2,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a8aba47-9d88-43f1-83aa-665de0533f2d%2F44a721d3-f1ed-4e29-9c9f-005af5a75b48%2Foldcerh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Accounts receivable, December 31
Cost of goods sold
Accounts payable, January 1
Accounts payable, December 31
Finished-goods inventory, December 31
Gross margin
Work-in-process inventory, January 1
Work-in-process inventory, December 31
Finished-goods inventory, January 1
Direct materials used
Direct manufacturing labor
Manufacturing overhead costs
Purchases of direct materials
Revenues
Accounts receivable, January 1
$
Case 2
Case 1
(in thousands)
7,000 $4,210
A
33,000
4,300
2,590
2,400
4,050
B
8,200
18,500
4,000
0
4,000
10,000
$5,000
7,200
14,800
46,000
3,400
с
700
4,200
10,000
23,000
7,800
D
14,500
54,900
2,500
![An auditor for the Internal Revenue Service is trying to reconstruct some partially destroyed records of two taxpayers.
(Click the icon to view the records.)
Requirement
For each of the cases, find the unknowns designated by the letters A and B for Case 1 and C and D for Case 2.
Case 1: Find the unknowns designated by the letters A and B.
First, solve for A. Cost of goods sold.
Gross margin
GETTID](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a8aba47-9d88-43f1-83aa-665de0533f2d%2F44a721d3-f1ed-4e29-9c9f-005af5a75b48%2F3f71jei_processed.jpeg&w=3840&q=75)
Transcribed Image Text:An auditor for the Internal Revenue Service is trying to reconstruct some partially destroyed records of two taxpayers.
(Click the icon to view the records.)
Requirement
For each of the cases, find the unknowns designated by the letters A and B for Case 1 and C and D for Case 2.
Case 1: Find the unknowns designated by the letters A and B.
First, solve for A. Cost of goods sold.
Gross margin
GETTID
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