The following information is taken from the accounting records of four different companies. Provide the missing amounts. Assume there are no indirect materials used in the company’s finished product. Company 1 Company 2 Company 3 Company 4 Direct Materials Inventory, beginning $14,000 $enter a dollar amount $4,000 $125,500 Purchases of direct materials enter a dollar amount 90,200 50,600 220,800 Total direct materials available for use 390,000 101,300 enter a dollar amount enter a dollar amount Direct Materials Inventory, ending 24,000 enter a dollar amount enter a dollar amount 34,600 Direct materials used in production enter a dollar amount 71,200 enter a dollar amount enter a dollar amount Direct labor 212,000 enter a dollar amount 25,000 324,400 Total manufacturing overhead 254,400 94,500 64,300 enter a dollar amount Total manufacturing cost enter a dollar amount 190,000 138,300 913,200 Work in Process Inventory, Beginning enter a dollar amount 145,500 38,000 enter a dollar amount Work in Process Inventory, Ending 48,000 43,700 enter a dollar amount 47,100 Cost of goods manufactured 814,400 enter a dollar amount 103,450 920,300 Finished Goods Inventory, beginning 35,000 enter a dollar amount enter a dollar amount 36,000 Cost of goods available for sale enter a dollar amount 393,000 140,050 enter a dollar amount Finished Goods Inventory, ending enter a dollar amount 12,600 enter a dollar amount 42,100 Cost of Goods Sold $796,400 $enter a total amount $108,400 $enter a total amount

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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The following information is taken from the accounting records of four different companies. Provide the missing amounts. Assume there are no indirect materials used in the company’s finished product.

	Company 1	Company 2	Company 3	Company 4
Direct Materials Inventory, beginning	$14,000	$enter a dollar amount	$4,000	$125,500
Purchases of direct materials	enter a dollar amount	90,200	50,600	220,800
Total direct materials available for use	390,000	101,300	enter a dollar amount	enter a dollar amount
Direct Materials Inventory, ending	24,000	enter a dollar amount	enter a dollar amount	34,600
Direct materials used in production	enter a dollar amount	71,200	enter a dollar amount	enter a dollar amount
Direct labor	212,000	enter a dollar amount	25,000	324,400
Total manufacturing overhead	254,400	94,500	64,300	enter a dollar amount
Total manufacturing cost	enter a dollar amount	190,000	138,300	913,200
Work in Process Inventory, Beginning	enter a dollar amount	145,500	38,000	enter a dollar amount
Work in Process Inventory, Ending	48,000	43,700	enter a dollar amount	47,100
Cost of goods manufactured	814,400	enter a dollar amount	103,450	920,300
Finished Goods Inventory, beginning	35,000	enter a dollar amount	enter a dollar amount	36,000
Cost of goods available for sale	enter a dollar amount	393,000	140,050	enter a dollar amount
Finished Goods Inventory, ending	enter a dollar amount	12,600	enter a dollar amount	42,100
Cost of Goods Sold	$796,400	$enter a total amount	$108,400	$enter a total amount

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