Oakridge Manufacturing had the following balances on December 30, 2024:Finished Goods Inventory: $480,000Cost of Goods Manufactured for December: $1,400,000Total Manufacturing Costs for December: $1,550,000Cost of Goods Sold in December: $1,500,000Calculate the beginning balance of Finished Goods Inventory on December 1, 2024.

Step 1: Definition of Beginning Finished Goods InventoryBeginning Finished Goods Inventory refers to…

Answered: Oakridge Manufacturing had the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

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Similar questions

Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance of $300. If the cost of materials used during the month was $900, what were the purchases made during the month?
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
During FY 2022 Munjya Manufacturing had total manufacturing costs are $408,000. Their cost of goods manufactured for the year was $431,000. The January 1, 2023 balance of the Work-in-Process Inventory is $42,000. Use this information to determine the dollar amount of the FY 2022 beginning Work-in-Process Inventory.
During FY 2018 Bay Manufacturing had total manufacturing costs are $442,000. Their cost of goods manufactured for the year was $475,000. The January 1, 2019 balance of the Work-in-Process Inventory is $51,000. Use this information to give an example of the dollar amount of the FY 2018 beginning Work-in-Process Inventory.
General Accounting
Abc
Based on the following information, prepare a Schedule of Cost of Goods Manufactured and a multi-step Income Statement for Junaluska Company for the year ended December 31, 2020 Beginning Work-in-Process Inventory, Jan. 1 $60,000 Ending Work-in-Process Inventory, Dec. 31 40,000 Beginning Finished Goods Inventory, Jan. 1 50,000 Ending Finished Goods Inventory, Dec. 31 20,000 Net Sales Revenue 1,800,000 Selling and Administrative Expenses 500,000 Direct Labor 300,000 Manufacturing Overhead; actual and allocated 400,000 Direct Materials Used 200,000 Income Tax Expense 70,000
ABC Manufacturing has the following account balances at the beginning of the current year: Raw Materials Inventory P57,500; WIP Inventory P172,500; and Finished Goods Inventory P138,000. Additional information during January: - Purchased of Raw Materials: On account P230,000.00; Cash P92,000.00; and - Issuance of Raw Materials to the production department, 10% are indirect materials P207,000.00. Which of the following is the amount of the direct materials used? Select the correct response: P174,800.00 P184,000.00 P186,300.00 P201,250.00
Financial Accounting

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