Fill in the missing data (ignore indirect materials). Beginning balance Materials purchased Raw Materials Inventory $150,000 805,000 Direct materials used $800,000 Ending balance (a) WIP-Department 1 Beginning balance Direct materials used Conversion costs incurred $60,000 630,000 516.000 Transfers of $1,100,000 completed units Ending balance (b) WIP-Department 2 Beginning balance $51,000 Direct materials used (c) Conversion costs incurred 180,000 Transfers of completed units (d) Ending balance Transfers of completed units (e) $31,000 Finished Goods Inventory $250,000 Beginning balance Transfers of completed units (f) Ending balance Cost of goods sold (g) $150,000
Fill in the missing data (ignore indirect materials). Beginning balance Materials purchased Raw Materials Inventory $150,000 805,000 Direct materials used $800,000 Ending balance (a) WIP-Department 1 Beginning balance Direct materials used Conversion costs incurred $60,000 630,000 516.000 Transfers of $1,100,000 completed units Ending balance (b) WIP-Department 2 Beginning balance $51,000 Direct materials used (c) Conversion costs incurred 180,000 Transfers of completed units (d) Ending balance Transfers of completed units (e) $31,000 Finished Goods Inventory $250,000 Beginning balance Transfers of completed units (f) Ending balance Cost of goods sold (g) $150,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Fill in the missing data (ignore indirect materials).
Beginning balance
Materials purchased
Raw Materials Inventory
$150,000
805,000
Direct materials
used
$800,000
Ending balance
(a)
WIP-Department 1
Beginning balance
Direct materials used
Conversion costs incurred
$60,000
630,000
516.000
Transfers of
$1,100,000
completed units
Ending balance
(b)
WIP-Department 2
Beginning balance
$51,000
Direct materials used
(c)
Conversion costs incurred
180,000
Transfers of completed units (d)
Ending balance
Transfers of
completed units
(e)
$31,000
Finished Goods Inventory
$250,000
Beginning balance
Transfers of completed units (f)
Ending balance
Cost of goods sold
(g)
$150,000
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