GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data. Cost of Goods Sold $ 384,000 Work-in-Process Inventory, Beginning 31,000 Work-in-Process Inventory, Ending 41,200 Selling and Administrative Expense 51,800 Finished Goods Inventory, Ending 15,600 Finished Goods Inventory, Beginning ? Direct Materials Purchased 175,400 Factory Overhead Applied 118,000 Operating Income 24,200 Direct Materials Inventory, Beginning 19,200 Direct Materials Inventory, Ending 6,200 Cost of Goods Manufactured 344,000 Direct Labor 58,000 The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use? Multiple Choice $118,000. $188,400. $194,600. $210,200. $197,200.
GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data. Cost of Goods Sold $ 384,000 Work-in-Process Inventory, Beginning 31,000 Work-in-Process Inventory, Ending 41,200 Selling and Administrative Expense 51,800 Finished Goods Inventory, Ending 15,600 Finished Goods Inventory, Beginning ? Direct Materials Purchased 175,400 Factory Overhead Applied 118,000 Operating Income 24,200 Direct Materials Inventory, Beginning 19,200 Direct Materials Inventory, Ending 6,200 Cost of Goods Manufactured 344,000 Direct Labor 58,000 The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use? Multiple Choice $118,000. $188,400. $194,600. $210,200. $197,200.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 79.3C: Ethics and Inventory An electronics store has a large number of computers that use outdated...
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GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data.
| Cost of Goods Sold | $ 384,000 |
|---|---|
| Work-in-Process Inventory, Beginning | 31,000 |
| Work-in-Process Inventory, Ending | 41,200 |
| Selling and Administrative Expense | 51,800 |
| Finished Goods Inventory, Ending | 15,600 |
| Finished Goods Inventory, Beginning | ? |
| Direct Materials Purchased | 175,400 |
| Factory Overhead Applied | 118,000 |
| Operating Income | 24,200 |
| Direct Materials Inventory, Beginning | 19,200 |
| Direct Materials Inventory, Ending | 6,200 |
| Cost of Goods Manufactured | 344,000 |
| Direct Labor | 58,000 |
The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end.
What should be the amount of direct materials available for use?
Multiple Choice
-
$118,000.
-
$188,400.
-
$194,600.
-
$210,200.
-
$197,200.
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