Part 3: Kirsh, Inc.Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the missing figures.Income Statement InformationSales$1,500Gross Margin Percentage%01Inventory InformationRaw Materials inventory, Jan 1, 2022$530Purchases of raw materials during the year(Q15)Raw materials used in production during the year (Q16)Raw Materials inventory, Dec 31, 2022$624Work in Process inventory, Jan I, 2022$1,850Raw materials used in production during the year (Q16)Direct Labor costs incurred during the year$202Manufacturing Overhead costs incurred during the year$845Cost of units completed during the year(LIO)Work in Process inventory, Dec 31, 2022$2,100Finished Goods inventory, Jan 1, 2022(Q18)Cost of units completed during the yearS1,214Cost of units sold during the year(61)Finished Goods inventory, Dec 31, 20222872

Sales 1500 Less: gross profit (10%) (150) Cost of units sold during the year (Q 19)…

Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the missing figures. Income Statement Information $1,500 Sales 10% Gross Margin Percentage Inventory Information $530 Raw Materials inventory, Jan I, 2022 Purchases of raw materials during the year (Q15) Raw materials used in production during the year (Q16) $624 Raw Materials inventory. Dec 31, 2022 $1850 Work in Process inventory, Jan I, 2022 Raw materials used in production during the year (Q16) $202 Direct Labor costs incurred during the year $845 Manufacturing Overhead costs incurred during the year Cost of units completed during the year (Q17) $2,100 Work in Process inventory, Dec 31, 2022 (Q18) Finished Goods inventory. Jan 1, 2022 S1,214 Cost of units completed during the year (Q19) Cost of units sold during the year S872 Finished Goods inventory, Dee 31, 2022

Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the missing figures. Income Statement Information $1,500 Sales 10% Gross Margin Percentage Inventory Information $530 Raw Materials inventory, Jan I, 2022 Purchases of raw materials during the year (Q15) Raw materials used in production during the year (Q16) $624 Raw Materials inventory. Dec 31, 2022 $1850 Work in Process inventory, Jan I, 2022 Raw materials used in production during the year (Q16) $202 Direct Labor costs incurred during the year $845 Manufacturing Overhead costs incurred during the year Cost of units completed during the year (Q17) $2,100 Work in Process inventory, Dec 31, 2022 (Q18) Finished Goods inventory. Jan 1, 2022 S1,214 Cost of units completed during the year (Q19) Cost of units sold during the year S872 Finished Goods inventory, Dee 31, 2022

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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