Complete the information in the cost computations shown here:Raw materials Beginning inventory$341Purchases1,535Materials available for use1,876Ending inventory323Materials used in production1,553 Work in process inventory Beginning inventory$931Materials used in productionfill in the blank 3Direct labor1,534Overhead appliedfill in the blank 4Manufacturing costs incurred$22,426Ending inventory933Cost of goods manufactured21,493 Finished goods inventory Beginning inventory$fill in the blank 6Cost of goods manufacturedfill in the blank 7Goods available for sale$24,990Ending inventoryfill in the blank 8Cost of goods sold$21,774My answer in bold

The cost of goods sold is computed as: Beginning inventory of finished goods + cost of goods manufactured - Ending inventory of finished goods Total manufacturing cost $22,426 Less: beginning WIP (931) Less: Direct materials used (1,553) Less: Direct Labor (1,534) Overhead Applied 18,408 Cost of goods available for sale $24,990 Less: cost of goods manufactured (21,493) Beginning inventory of finished goods $3,497 Cost of goods available for sale $24,990 Less: Cost of goods sold $21,774 Ending inventory of finished goods $3,216 Work in process inventory Beginning inventory $931 Materials used in production 1,553 Direct labor 1,534 Overhead applied 18,408 Manufacturing costs incurred $22,426 Ending inventory 933 Cost of goods manufactured 21,493 Finished goods inventory Beginning inventory $3,497 Cost of goods manufactured $21,493 Goods available for sale $24,990 Ending inventory $3,216 Cost of goods sold $21,774

Answered: Complete the information in the cost…

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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Complete the information in the cost computations shown here:

Raw materials
Beginning inventory	$341
Purchases	1,535
Materials available for use	1,876
Ending inventory	323
Materials used in production	1,553

Work in process inventory
Beginning inventory	$931
Materials used in production	fill in the blank 3
Direct labor	1,534
Overhead applied	fill in the blank 4
Manufacturing costs incurred	$22,426
Ending inventory	933
Cost of goods manufactured	21,493

Finished goods inventory
Beginning inventory	$fill in the blank 6
Cost of goods manufactured	fill in the blank 7
Goods available for sale	$24,990
Ending inventory	fill in the blank 8
Cost of goods sold	$21,774

My answer in bold

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