Accounts receivable, December 31 Cost of goods sold Accounts payable, January 11 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 11 Case 1 Case 2 (in thousands) $ 9,000 $3,560 A 26,000 4,100 2,590 2,400 2,030 B 7,200 с 1,300 4,600 10,000 17,000 7,800 D 19,100 3,400 0 7,000 14,000 4,000 8,500 11,500 11,500 53,000 46,300 2,500 2,300

Accounts receivable, December 31 Cost of goods sold Accounts payable, January 11 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 11 Case 1 Case 2 (in thousands) $ 9,000 $3,560 A 26,000 4,100 2,590 2,400 2,030 B 7,200 с 1,300 4,600 10,000 17,000 7,800 D 19,100 3,400 0 7,000 14,000 4,000 8,500 11,500 11,500 53,000 46,300 2,500 2,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $2,100 $18,500 (e) Total manufacturing costs incurred during August 14,700 (c) 108,800 Total manufacturing costs (a) $216,500 $118,100 Work in process inventory, August 31 3,200 45,500 (f) Cost of goods manufactured (ь) (d) $99,200 a. b. $ C. d. e. f.
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Raw materials Beginning inventory $344 Purchases 1,533 Materials available for use Ending inventory 322 Materials used in production $ Work in process inventory Beginning inventory $934 Materials used in production Direct labor 1,536 Overhead applied Manufacturing costs incurred $22,457 Ending inventory 936 Cost of goods manufactured $ Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale $25,016 Ending inventory Cost of goods sold $21,801
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