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(C) Assume that $23,200 of direct materials was used in January and that the cost of goods available for sale in January amounted to $46,400. What did the ending work in process inventory amount to? Ending work in process inventory $

(C) Assume that $23,200 of direct materials was used in January and that the cost of goods available for sale in January amounted to $46,400. What did the ending work in process inventory amount to? Ending work in process inventory $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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(c) Assume that $23,200 of direct materials was used in January and that the cost of goods available for sale in January amounted to $46,400. What did the ending work in process inventory amount to? Ending work in process inventory $
Transcribed Image Text:(c) Assume that $23,200 of direct materials was used in January and that the cost of goods available for sale in January amounted to $46,400. What did the ending work in process inventory amount to? Ending work in process inventory $
On January 31, a snowstorm damaged the office of a small business, and some of the accounting information stored in the computer's memory was lost. The following information pertaining to January activities was retrieved from other sources: Direct materials purchased Work in process-beginning inventory Direct materials-beginning inventory Direct materials-ending inventory Finished goods-beginning inventory Finished goods-ending inventory Sales Manufacturing overhead and direct labour incurred Gross profit percentage based on net sales $20,880 2.320 6,960 11.600 13.920 2,900 69,600 25,520 40 %
Transcribed Image Text:On January 31, a snowstorm damaged the office of a small business, and some of the accounting information stored in the computer's memory was lost. The following information pertaining to January activities was retrieved from other sources: Direct materials purchased Work in process-beginning inventory Direct materials-beginning inventory Direct materials-ending inventory Finished goods-beginning inventory Finished goods-ending inventory Sales Manufacturing overhead and direct labour incurred Gross profit percentage based on net sales $20,880 2.320 6,960 11.600 13.920 2,900 69,600 25,520 40 %
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