Revenues in October..$27, 600 Work inprocess inventory, October 31. . . . $1,900 Raw materials inventory, October31. . . . . . $3,300 Direct labor in October..$3,600 Manufacturing overhead in October..inventory, October 1. . . . . $0 Finished goods inventory, October 1.$4,400 Direct materials used in October. . .October..$6,400 Work in process$8, 200 Gross profit in$12, 100 Purchases of direct Now determine the Ending Finished Goods Inventory.Beginning finished goods inventoryCost of goods manufacturedCost of goods available for saleEnding finished goods inventoryCost of goods sold44001630020700

Cost of goods sold is the direct cost associated with the production of any goods or services.

Answered: Now determine the Ending Finished Goods…

Business

Accounting

Now determine the Ending Finished Goods Inventory.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Which of these occur when the costs of goods sold exceeds the costs of goods manufactured? Group of…

A: The question is asking about the impact on inventory when the cost of goods sold (COGS) is greater…

Q: escribe costing inventory using last-in, first-out. Address the different treatment, if any, that…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: When will cost of goods sold will equal the cost of goods manufactured? when work-in-process…

A: Particulars Amount Ending finished goods inventory xxxx Add: Cost of goods sold xxxx…

Q: If the beginning finished goods inventory (in units) is more than the desired finished goods ending…

A: Total production required is calculated as sum of forecasted unit sales and planned finished goods…

Q: Describe costing inventory using first-in, first-out. Address the different treatment, if any, that…

A: Definition: First-in-First-Out (FIFO): In the First-in-First-Out method, the first purchased items…

Q: Describe costing inventory using weighted average. Address the different treatment, if any, that…

A: Weighted average cost method of inventory valuation is one of the 3 methods of accounting inventory.…

Q: Where can yo find information about the cost of goods sold

A: Financial statements are defined as the records that are prepared by the business entities as per…

Q: Define inventory shrinkage.

Q: After companies apply one of the four costing methods, Inventory is reviewed to ensure it is…

A: The cost of inventory is the amount spent to acquire or produce it, including expenses such as…

Q: Write out the formula for the total costs of carrying and ordering inventory, and then use…

A: The formula for the total costs of carrying and ordering inventory and using the formula to derive…

Q: What is meant by the term gross margin? Describe costing inventory using first-in, first-out.…

A: What is meant by the term gross margin?

Q: How are process costing and the FIFO method of inventory related?

A: Inventory valuation is an accounting practice adopted by the company to determine the value of the…

Q: Inventory costing may be done in four ways.

A: There is five inventory costing methods for valuation of such inventory... They are:: Specific…

Q: How is the desired closing inventory calculated

A: A production budget is a kind of budget that shows the total number of products that must be…

Q: when goods are sold their costs are transferred to finished goods inventory. True or False?

A: The inventory accounts are classified as Work in process, finished goods inventory, raw materials.…

Q: Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 82,600…

A: Variable costs are costs that varies with the change in the level of output whereas fixed costs are…

Q: What is the relationship between process costing and the FIFO method of inventory

A: Accounting uses both process costing and the FIFO (First-In, First-Out) technique of inventory, but…

Q: Good morning, See attached and I am struggling to find add: desired units of ending raw material…

A: Direct materials budget: This budget tells about the materials are to be purchased in particular…

Q: Required production during a planning period will depend on the: Multiple Choice cost of beginning…

A: Production is the process of manufacturing a certain product or service using raw materials. In…

Q: Inventory for a manufacturer consists of raw materials, work in process, and finished goods.…

A: Inventory: Inventory refers to the raw materials, work-in process, and the finished goods products…

Q: How do I calculate the finished goods in Part 2?

A: Here to Calculate the details of finished goods for the working in process after consider the fact…

Q: how to caculate desire ending inventory?

A: Inventory means Stock. Ending inventory, defined as the value of inventory remaining at the end of…

Q: In a half page, What are stock out costs and capacity associated costs? What is their relationship…

A: Stockout Costs: A Cost which will arise on shortage of Inventories during the production, It will…

Question

Revenues in October..
$27, 600 Work in
process inventory, October 31. . . . $1,900 Raw materials inventory, October
31. . . . . . $3,300 Direct labor in October..
$
3,600 Manufacturing overhead in October..
inventory, October 1. . . . . $0 Finished goods inventory, October 1.
$4,400 Direct materials used in October. . .
October..
$6,400 Work in process
$8, 200 Gross profit in
$12, 100 Purchases of direct

Now determine the Ending Finished Goods Inventory.
Beginning finished goods inventory
Cost of goods manufactured
Cost of goods available for sale
Ending finished goods inventory
Cost of goods sold
4400
16300
20700

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Solution

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Define target full product cost.
Windsor Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: (a) Manufacturing overhead $ LA $18,700 15,370 5,140 60,120 98,240 168,880 10,600 Office supplies used Determine the total amount of manufacturing overhead. Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising $84,680 56,020 3,050 1,670 2,440 18,300 3,160
Define Inventory Turnover? Explain what the results mean and provide an example.
The unadjusted cost of goods sold is calculated using which of the following equations? Multiple Choice O Beginning finished goods inventory + Cost of goods manufactured + Ending finished goods inventory Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory Beginning finished goods inventory - Cost of goods manufactured - Ending finished goods inventory Beginning finished goods inventory - Cost of goods manufactured + Ending finished goods inventory
39) As soon as products are Materials Inventory to Finished-Goods Inventory. completed, their product costs are transferred from Raw
Differentiate between the specific identification, FIFO, LIFO, and average cost methods used to determine the cost of ending inventory and cost of goods sold.