Problem 10-2 (IAA) Natal Company provided the following information: 1,400,000 200,000 650,000 60,000 150,000 2,000,000 Materials Advance for materials ordered Goods in process Unexpired insurance on inventories Advertising catalogs and shipping cartons Finished goods in factory Finished goods in company-owned retail store, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales Finished goods in transit to customers, shipped FOB destination at cost Finished goods out on approval, at cost Unsalable finished goods, at cost Office supplies Materials in transit shipped FOB shipping point, excluding freight of P30,000 Goods held on consignment, at sales price, cost P150,000 750,000 400,000 250,000 100,000 50,000 40,000 330,000 200,000 Required: Compute the correct amount of inventory.

Problem 10-2 (IAA) Natal Company provided the following information: 1,400,000 200,000 650,000 60,000 150,000 2,000,000 Materials Advance for materials ordered Goods in process Unexpired insurance on inventories Advertising catalogs and shipping cartons Finished goods in factory Finished goods in company-owned retail store, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales Finished goods in transit to customers, shipped FOB destination at cost Finished goods out on approval, at cost Unsalable finished goods, at cost Office supplies Materials in transit shipped FOB shipping point, excluding freight of P30,000 Goods held on consignment, at sales price, cost P150,000 750,000 400,000 250,000 100,000 50,000 40,000 330,000 200,000 Required: Compute the correct amount of inventory.

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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5 part 2
Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
am.101.
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(3)
Prob 5. 21-23
Determine the missing amount for each letter. Total ifacturing Costs 431600 (a) 567,000 333,900 363,800 Tauthook and Media Work in Process Jan. 1 $40,200 541800 (d) 75,600 EA $ Work in Process Dec. 31 (b) 50,400 100,800 Cost of Goods Manufactured $453,600 592,200 176400 (f) 56,700 283500 (h) 340,200
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