Lexington Corp. recently lost a portion of its records in a data breach. The following information was retrieved: Item Cost of Goods Sold Amount $80,000 Work-in-Process Inventory, Beginning $12,000 Work-in-Process Inventory, Ending $10,500 Selling and Administrative Expense $18,000 Finished Goods Inventory, Ending $20,000 Finished Goods Inventory, Beginning Unknown Direct Materials Used Unknown Factory Overhead Applied $16,000 Operating Income $20,000 Direct Materials Inventory, Beginning $14,000 Direct Materials Inventory, Ending $9,000 $75,000 Cost of Goods Manufactured Direct labor costs incurred during the period amounted to twice the factory overhead. Calculate the amount of direct materials purchased.

Lexington Corp. recently lost a portion of its records in a data breach. The following information was retrieved: Item Cost of Goods Sold Amount $80,000 Work-in-Process Inventory, Beginning $12,000 Work-in-Process Inventory, Ending $10,500 Selling and Administrative Expense $18,000 Finished Goods Inventory, Ending $20,000 Finished Goods Inventory, Beginning Unknown Direct Materials Used Unknown Factory Overhead Applied $16,000 Operating Income $20,000 Direct Materials Inventory, Beginning $14,000 Direct Materials Inventory, Ending $9,000 $75,000 Cost of Goods Manufactured Direct labor costs incurred during the period amounted to twice the factory overhead. Calculate the amount of direct materials purchased.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 18RQSC

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The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $ 60,250 Finished Goods Inventory, Beginning 9,750 Finished Goods Inventory, Ending 6,600 Cost of Goods Sold ? Gross Margin 26,950 Direct Materials Used 10,450 Selling and Administrative Expense ? Operating Income 14,600 Work-in-Process Inventory, Beginning ? Work-in-Process Inventory, Ending 5,450 Direct Labor Used 9,225 Factory Overhead 12,300 Total Manufacturing Cost ? Cost of Goods Manufactured ? Cost of goods sold is calculated to be: Multiple Choice $32,300. $30,150. $27,300. $33,300. $38,300.
The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $58,000 Finished Goods Inventory, Beginning 9,000 Finished Goods Inventory, Ending 6,000 Cost of Goods Sold Gross Margin 25,000 Direct Materials Used 10,000 Selling and Administrative Expense Operating Income Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending 14,000 5,000 Direct Labor Used 9,000 Factory Overhead 12,000 Total Manufacturing Cost Cost of Goods Manufactured Work in process inventory, beginning, is calculated to be:
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Give me correct answer with explanation
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