Delta Electronics manufactures and sells radio. Unfortunately, the company recently suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. Deyou to help figure out the missing pieces of the accounting puzzle. Assume that Delta Electronics' Raw Materials Inventory contains only direct materials.E (Click the icon to view the arIounts.)Read the requirement.- XData tableEncing raw materiais inventoryc. Find the Ending Finished Goods Inventory.Work in process inventory, October 31...Snswer boxes. For accounts with a S0 balance, make sure to enter "0"Before we can determine the missing amount for ending Finished Goods Inventory, wappropriate column.)Finished goods inventory, October 1....S5,000Direct labor in October3,200Beginning work in process inventoryPurchases of direct materials in October S9,300Direct materials used8,700Work in process inventory, October 1....SDirect labor3,200$ 27,900$ 12,100$ 8,700Revenues in OctoberManufacturing overhead6,10018,000Gross profit in OctoberTotal manufacturing costs to account for18,000Direct materials used in October ....Ending work in process inventory1,300Raw materials inventory, October 31..... S 3,70016,700Manufacturing overhead in October ....$ 6,100Cost of goods manufacturedNow determine the Ending Finished Goods Inventory.Beginning finished goods inventory5000PrintDoneCost of goods manufactured16700Cost of goods available for sale21700Ending finished goods inventoryCost of goods sold

Name: Delta Electronics manufactures and sells radio. Unfortunately, the co
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Description: Delta Electronics manufactures and sells radio. Unfortunately, the company recently suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. Deyou to help figur

The components of cost explained can be presented in the form of a statement known as Cost Sheet.…

Business

Accounting

als. E (Click the icon to view the amounts.) Read the requirement. - X Data table Encing raw materiais inventory c. Find the Ending Finished Goods Inventory. Work in process inventory, October 31...S 1,300 Finished goods inventory, October 1.. Before we can determine the missing amount for ending Finished Goods Inventory, w appropriate column.) $ 5,000 nswer boxes. For accounts with a $0 balance, make sure t Direct labor in October... $ 3,200 Beginning work in process inventory Purchases of direct materials in October S 9,300 Direct materials used $ 8,700 Work in process inventory, October 1... Direct labor 3,200 Revenues in October.... $ 27,900 Manufacturing overhead 6,100 18,000 Gross profit in October $ 12,100 18,000 Direct materials used in October... Raw materials inventory, October 31.. Manufacturing overhead in October.....S 6,100 Total manufacturing costs to account for $ 8,700 ...S 3,700 Ending work in process inventory 1,300 $ 16.700 Cost of goods manufactured Now determine the Ending Finished Goods Inventory. Beginning finished goods inventory 5000 Print Done Cost of goods manufactured 16700 Cost of goods available for sale 21700

als. E (Click the icon to view the amounts.) Read the requirement. - X Data table Encing raw materiais inventory c. Find the Ending Finished Goods Inventory. Work in process inventory, October 31...S 1,300 Finished goods inventory, October 1.. Before we can determine the missing amount for ending Finished Goods Inventory, w appropriate column.) $ 5,000 nswer boxes. For accounts with a $0 balance, make sure t Direct labor in October... $ 3,200 Beginning work in process inventory Purchases of direct materials in October S 9,300 Direct materials used $ 8,700 Work in process inventory, October 1... Direct labor 3,200 Revenues in October.... $ 27,900 Manufacturing overhead 6,100 18,000 Gross profit in October $ 12,100 18,000 Direct materials used in October... Raw materials inventory, October 31.. Manufacturing overhead in October.....S 6,100 Total manufacturing costs to account for $ 8,700 ...S 3,700 Ending work in process inventory 1,300 $ 16.700 Cost of goods manufactured Now determine the Ending Finished Goods Inventory. Beginning finished goods inventory 5000 Print Done Cost of goods manufactured 16700 Cost of goods available for sale 21700

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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Question 2, Part 2
Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
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Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on October 1. t transferred in 185A poo of unts, compan during the period. The ending Finished Goods Inventory balance on October 31 was $175.200. The entry to account for the cost of goods manufactured diaring October w. Multiple Choice Debit Cost of Goods Sold $856,30o; credit Finished Goods Inventory $856.300. Debit Finished Goods Inventory $854,00o; credit Work in Process Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished Goods Inventory $175,200; credit Cost of Goods Sold $175,200. Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000. Next 20 of 25 < Prev
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Question 2, part 3. Please answer from drop down menus
Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Direct materials available for production Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Fixed manufacturing overhead costs
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E3.3 (LO 2, 3, 4), AP The ledger of American Company has the following work in process inventory account. Work in Process-Painting 5/1 5/31 5/31 5/31 5/31 Balance Direct materials Direct labor Manufacturing overhead Balance 3,590 5/31 Completed and transferred out ? 5,160 Instructions a. How many units are in process at May 31? b. What is the unit materials cost for May? 2,530 1,380 P Production records show that there were 400 units in the beginning inventory, 30% complete, 1,600 units started into production, and 1,700 units completed and transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550. The units in ending inventory were 40% complete as to conversion costs. Materials are entered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process. c. What is the unit conversion cost for May? d. What is the total cost of units completed and transferred out in May? e. What is the cost of…
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