Smooth Sounds manufactures and sells a new line of MP3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed-and completely jumbled. Smooth Sounds has hired you to help figure out the missing pieces of the accounting puzzle. Assume that Smooth Sounds' raw materials inventory contains only direct materials. Work in process inventory, October 31 $1,500 Finished goods inventory, October 1 4,300 Direct labor in October 3,000 Purchases of direct materials in October 9,000 Work in process inventory, October 1 0 Revenues in October 27,000 Gross profit in October 12,000 Direct materials used in October 8,000 Raw materials inventory, October 31 3,000 Manufacturing overhead in October 6,300 Manufacturing costs Cost of goods manufactured in October Cost of goods sold in October Beginning direct materials inventory Ending finished goods inventory
Smooth Sounds manufactures and sells a new line of MP3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed-and completely jumbled. Smooth Sounds has hired you to help figure out the missing pieces of the accounting puzzle. Assume that Smooth Sounds' raw materials inventory contains only direct materials. Work in process inventory, October 31 $1,500 Finished goods inventory, October 1 4,300 Direct labor in October 3,000 Purchases of direct materials in October 9,000 Work in process inventory, October 1 0 Revenues in October 27,000 Gross profit in October 12,000 Direct materials used in October 8,000 Raw materials inventory, October 31 3,000 Manufacturing overhead in October 6,300 Manufacturing costs Cost of goods manufactured in October Cost of goods sold in October Beginning direct materials inventory Ending finished goods inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Smooth Sounds manufactures and sells a new line of MP3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed-and completely jumbled. Smooth Sounds has hired you to help figure out the missing pieces of the accounting puzzle. Assume that Smooth Sounds' raw materials inventory contains only direct materials.
|
Work in process inventory, October 31 |
$1,500 |
|
Finished goods inventory, October 1 |
4,300 |
|
Direct labor in October |
3,000 |
|
Purchases of direct materials in October |
9,000 |
|
Work in process inventory, October 1 |
0 |
|
Revenues in October |
27,000 |
|
Gross profit in October |
12,000 |
|
Direct materials used in October |
8,000 |
|
Raw materials inventory, October 31 |
3,000 |
|
Manufacturing |
6,300 |
Manufacturing costs - Cost of goods manufactured in October
- Cost of goods sold in October
- Beginning direct materials inventory
- Ending finished goods inventory
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