Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory 42,000 Direct Materials Used: Beginning Direct Materials %24 29,000 76,000 Purchases of Direct Materials Direct Materials Available for Use 105,000 (30,000) Ending Direct Materials 75,000 Direct Materials Used Direct Labor 89,000 44,000 Manufacturing Overhead 208,000 Total Manufacturing Costs Incurred during the Year 250,000 Total Manufacturing Costs to Account For (35,000) Ending Work-in-Process Inventory 24 215,000 Cost of Goods Manufactured Now compute cost of goods sold. Cost of Goods Sold Cost of Goods Manufactured Cost of Goods Available for Sale Cost of Goods Sold

Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory 42,000 Direct Materials Used: Beginning Direct Materials %24 29,000 76,000 Purchases of Direct Materials Direct Materials Available for Use 105,000 (30,000) Ending Direct Materials 75,000 Direct Materials Used Direct Labor 89,000 44,000 Manufacturing Overhead 208,000 Total Manufacturing Costs Incurred during the Year 250,000 Total Manufacturing Costs to Account For (35,000) Ending Work-in-Process Inventory 24 215,000 Cost of Goods Manufactured Now compute cost of goods sold. Cost of Goods Sold Cost of Goods Manufactured Cost of Goods Available for Sale Cost of Goods Sold

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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X File 5 e L2 1 2 5 AutoSave Undo V 6 Home Paste Off H Partnership Homework Problems ✓ 19 20 21 22 23. 24 25 26 Insert (B Ready Page Layout Calibri Clipboard ✓: X✓ fx C B IU Date Sept 20 2021 45°F Rain coming V Total Assets Total Liabilities Total Equity Formulas A B D *** All amounts should be calculated using formulas *** Problem 1. Accounting for partner contributions Problei.. Accessibility: Investigate U V Font 11 Y cash Land V TUDIVITIE Data Review A A ~A~ Equipment F a) Journalize the partnership's receipt of assets and liabilities from Billy Bob and Junior. Accounts and Explanations == Notes payable Billy Bob Capital Junior Capital == View G ab Accessibility recommendations found. Click here to investigate. Help y Billy Bob and Junior want to develop a water park in Colorado. On Sept 20, 2021 Billy Bob contributes $2,000,000 4uuuuuu and land with a current market value of $7,500,000. When Billy Bob purchased the land it cost $5,500,000. The partnership will also take over a…