Question 5 Part 2- Second attempt needed Please fill in the blanks in order with answers listed in accordance Requirement 2. Analyze the inventory accounts to determine the cost of goods manufactured for the year.Work-in-ProcessBeginning Work-in-Process InventoryDirect Materials UsedDirect LaborManufacturing OverheadTotal Manufacturing Costs Incurred during the YearTotal Manufacturing Costs to Account ForEnding Work-in-Process InventoryCost of Goods Manufactured Root Shoe Company makes loafers. During the most recent year, Root incurred total manufacturing costs of $26,300,000. Of this amount, $2,000,000 was direct materials used and $19,800,000 was direct labor. Beginning balances for the yearwere Direct Materials, $700,000; Work-in-Process Inventory, $1,500,000; and Finished Goods Inventory, $400,000. At the end of the year, balances were Direct Materials, $800,000; Work-in-Process Inventory, $1,200,000; and Finished GoodsInventory, $600,000.Read the equirementsRequirement 1. Analyze the inventory accounts to determine the cost of direct materials purchased during the year.Direct MaterialsDirect Materials Used$2,000,000Beginning Direct Materials(700,000)800.000Ending Direct Materials$2,100,000Purchases

Working Note: 1.Total Manufacturing cost incurred during the year Added to Beginning Work-in-process…

Requirement 2. Analyze the inventory accounts to determine the cost of goods manufactured for the year. Work-in-Process Beginning Work-in-Process Inventory Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory Cost of Goods Manufactured

Requirement 2. Analyze the inventory accounts to determine the cost of goods manufactured for the year. Work-in-Process Beginning Work-in-Process Inventory Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory Cost of Goods Manufactured

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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Question 4 of 20: Select the best answer for the question 4. The process of entering journal page numbers of transactions in the ledger and then entering the account numbers in the journal is referred to as OA. balancing OB. journalizing OC. cross-adding. D. cross-referencing Mark for review (Will be highlighted on the review page) Previous Question Next Question
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