Select the relevant information from the following, and calculate the cost of goods available forsale:Inventories Opening ClosingMaterials$100 $120$30$600Work in process $60Finished goods $500Total manufacturing costs were $5 390.Cost of goods available for sale is:Group of answer choices$5 300$5 920$5 320$5 900

The cost of the goods available for sale includes the beginning inventory and cost of the goods…

Select the relevant information from the following, and calculate the cost of goods available for sale: Inventories Opening Closing Materials $100 $120 Work in process $60 $30 Finished goods $500 $600 Total manufacturing costs were $5 390. Cost of goods available for sale is: Group of answer choices $5 300 $5 920 $5 320 $5 900

Select the relevant information from the following, and calculate the cost of goods available for sale: Inventories Opening Closing Materials $100 $120 Work in process $60 $30 Finished goods $500 $600 Total manufacturing costs were $5 390. Cost of goods available for sale is: Group of answer choices $5 300 $5 920 $5 320 $5 900

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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Spartans Inc has the following transactions: Work in Process Finished Goods Cost of Goods Sold Beg. $30,200 Beg $26,500 Beg $0 +DM +DL $9,300 +Trans In. $63,400 +Sold $49,600 $15,500 -Sold $49,600 Unadjust $49,600 + MOH $42,500 End $40,300 -Trans Out $63,400 End $34,100 MOH Control $42,500 Applied Actual $25,750 (a) Based on the t-accounts, the amount of overhead that was mis- allocated was $16,500 (difference between applied and actual). This amount will be Credited to Manufacturing Overhead Control. (b) Use the Proration Method to allocate the $16,500 among the following accounts: Work in Process will be Debited $4,606 by Finished Goods will be Debited by $5,444 Cost of Goods Sold will be Debited $6,700 by
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Give typing answer with explanation and conclusion nvex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $6 Labor 4 Overhead 3 $13 Beginning inventory at these costs on July 1 was 6,100 units. From July 1 to December 1, Convex produced 17,000 units. These units had a material cost of $10 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting. a. Assuming that Convex sold 19,000 units during the last six months of the year at $20 each, what would gross profit be? b. What is the value of ending inventory?
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