Assuming the company produced 24,000 fully and partially finished units during the year, determine the cost components of the finished goods inventory, which is composed of 4,800 finished units. Purchases of raw materialsRaw materials inventory, beginningRaw materials inventory, endingDepreciation, factoryInsurance, factoryDirect labourMaintenance, factoryAdministrative expensesSalesUtilities, factorySupplies, factorySelling expensesIndirect labourWork in process inventory, beginningWork in process inventory, endingFinished goods inventory, beginningFinished goods inventory, ending$370,50042,80071,500185,50020,700244,900122,800285,6001,968,000111,5004,070326,300264,90028,350121,40041,050164,200 Direct materialsDirect labourManufacturing overheadTotal$0

Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…

Answered: Assuming the company produced 24,000…

Assuming the company produced 24,000 fully and partially finished units during the year, determine the cost components of the finished goods inventory, which is composed of 4,800 finished units.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Assuming the company produced 24,000 fully and partially finished units during the year, determine the cost components of the finished goods inventory, which is composed of 4,800 finished units.

Purchases of raw materials
Raw materials inventory, beginning
Raw materials inventory, ending
Depreciation, factory
Insurance, factory
Direct labour
Maintenance, factory
Administrative expenses
Sales
Utilities, factory
Supplies, factory
Selling expenses
Indirect labour
Work in process inventory, beginning
Work in process inventory, ending
Finished goods inventory, beginning
Finished goods inventory, ending
$
370,500
42,800
71,500
185,500
20,700
244,900
122,800
285,600
1,968,000
111,500
4,070
326,300
264,900
28,350
121,400
41,050
164,200

Direct materials
Direct labour
Manufacturing overhead
Total
$
0

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