Problem 2-78 (Algo) Find the Unknown Information (LO 2-1, 6) Paul & Paul, Incorporated is a manufacturing firm. They following selected pieces of information are from July operations: Average selling price per unit Cost of goods sold Decrease in direct materials inventory Direct labor Gross margin percentage (based on sales) Increase in finished goods inventory Manufacturing overhead Total manufacturing costs Required: a. Find the cost of goods manufactured. b. Find the direct materials used. c. Find the direct materials purchases. d. Find the units sold. a. Cost of goods manufactured b. Direct materials used C. Materials purchased d. Units sold $ 64 $ 3,395,616 e. $ 1,512 $ 950,900 30% Note: Do not round intermediate calculations. Round your answer to the nearest whole number. e. Find the increase (decrease) in work-in-process inventory. $ 57,665 $ 792,000 $ 3,455,536

Problem 2-78 (Algo) Find the Unknown Information (LO 2-1, 6) Paul & Paul, Incorporated is a manufacturing firm. They following selected pieces of information are from July operations: Average selling price per unit Cost of goods sold Decrease in direct materials inventory Direct labor Gross margin percentage (based on sales) Increase in finished goods inventory Manufacturing overhead Total manufacturing costs Required: a. Find the cost of goods manufactured. b. Find the direct materials used. c. Find the direct materials purchases. d. Find the units sold. a. Cost of goods manufactured b. Direct materials used C. Materials purchased d. Units sold $ 64 $ 3,395,616 e. $ 1,512 $ 950,900 30% Note: Do not round intermediate calculations. Round your answer to the nearest whole number. e. Find the increase (decrease) in work-in-process inventory. $ 57,665 $ 792,000 $ 3,455,536

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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