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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.

FINANCIAL ACCOUNTING
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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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
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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