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PhotoGrid Gibson Corporation began fiscal Year 2 with the following balances in its inventory accounts. $55,300 Raw Materials Work in Process Finished Goods 006 006'27 During the accounting period, Gibson purchased $239,000 of raw materials and issued $248,200 of materials to the production department. Direct labor costs for the period amounted to $322,900, and manufacturing overhead of $46,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,900 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,000 were sold for $800,300 during the period. Selling and administrative expenses amounted to $70,500. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income statement. Complete this question by entering your answers in the tabs below. Req A Req B CGM Sched Reg B Inc Stmt Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income : Complete this question by entering your answers in the tabs below. Req B CGM Sched Req B Inc Stmt Req A Determine the ending balance of each of the three inventory accounts that would Ending Balance Raw materials Work in process Finished goods

PhotoGrid Gibson Corporation began fiscal Year 2 with the following balances in its inventory accounts. $55,300 Raw Materials Work in Process Finished Goods 006 006'27 During the accounting period, Gibson purchased $239,000 of raw materials and issued $248,200 of materials to the production department. Direct labor costs for the period amounted to $322,900, and manufacturing overhead of $46,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,900 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,000 were sold for $800,300 during the period. Selling and administrative expenses amounted to $70,500. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income statement. Complete this question by entering your answers in the tabs below. Req A Req B CGM Sched Reg B Inc Stmt Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income : Complete this question by entering your answers in the tabs below. Req B CGM Sched Req B Inc Stmt Req A Determine the ending balance of each of the three inventory accounts that would Ending Balance Raw materials Work in process Finished goods

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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E PhotoGrid Gibson Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $55,300 006 006'27 During the accounting period, Gibson purchased $239,000 of raw materials and issued $248,200 of materials to the production department. Direct labor costs for the period amounted to $322,900, and manufacturing overhead of $46,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,900 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,000 were sold for $800,300 during the period. Selling and administrative expenses amounted to $70,500. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income statement. Complete this question by entering your answers in the tabs below. Req B CGM Sched Req B Inc Stmt Req A Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income : Complete this question by entering your answers in the tabs below. Req B CGM Sched Req B Inc Stmt Req A Determine the ending balance of each of the three inventory accounts that would Ending Balance Raw materials Work in process Finished goods
Transcribed Image Text:E PhotoGrid Gibson Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials Work in Process Finished Goods $55,300 006 006'27 During the accounting period, Gibson purchased $239,000 of raw materials and issued $248,200 of materials to the production department. Direct labor costs for the period amounted to $322,900, and manufacturing overhead of $46,500 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,900 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,000 were sold for $800,300 during the period. Selling and administrative expenses amounted to $70,500. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income statement. Complete this question by entering your answers in the tabs below. Req B CGM Sched Req B Inc Stmt Req A Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b. Prepare a schedule of cost of goods manufactured and sold and an income : Complete this question by entering your answers in the tabs below. Req B CGM Sched Req B Inc Stmt Req A Determine the ending balance of each of the three inventory accounts that would Ending Balance Raw materials Work in process Finished goods
Reg B CGM Req B Inc Req A Sched Stmt Prepare a schedule of cost of goods manufactured and sold. GIBSON CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold PhotoGrid Req A Sched -- - hav Stmt Prepare an income statement. GIBSON CORPORATION Income Statement For the year ended Year 2
Transcribed Image Text:Reg B CGM Req B Inc Req A Sched Stmt Prepare a schedule of cost of goods manufactured and sold. GIBSON CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold PhotoGrid Req A Sched -- - hav Stmt Prepare an income statement. GIBSON CORPORATION Income Statement For the year ended Year 2
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