Campbell Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $ 55,700 82,200 27,400 During the accounting period, Campbell purchased $239,300 of raw materials and issued $248,800 of materials to the production department. Direct labor costs for the period amounted to $323,700, and manufacturing overhead of $47,900 was applied to Work Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,000 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,800 were sold for $801,600 during the period. Selling and administrative expenses amounted to $70,200. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet.
Campbell Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $ 55,700 82,200 27,400 During the accounting period, Campbell purchased $239,300 of raw materials and issued $248,800 of materials to the production department. Direct labor costs for the period amounted to $323,700, and manufacturing overhead of $47,900 was applied to Work Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,000 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,800 were sold for $801,600 during the period. Selling and administrative expenses amounted to $70,200. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Aa-5

Transcribed Image Text:Campbell Corporation began fiscal Year 2 with the following balances in its inventory accounts.
Raw Materials
Work in Process
Finished Goods
During the accounting period, Campbell purchased $239,300 of raw materials and issued $248,800 of materials to the production
department. Direct labor costs for the period amounted to $323,700, and manufacturing overhead of $47,900 was applied to Work in
Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,000 to produce were completed
and transferred to Finished Goods Inventory. Goods costing $600,800 were sold for $801,600 during the period. Selling and
administrative expenses amounted to $70,200.
Required
a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet.
b1. Prepare a schedule of cost of goods manufactured and sold.
b2. Prepare an income statement.
$ 55,700
82,200
27,400
Complete this question by entering your answers in the tabs below.
Req A
Req B1
Raw materials
Work in process
Finished goods
Req B2
Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet.
Ending Balance
$
46,200
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