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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. Direct Materials Inventory, beginning Purchases of direct materials Company 1 Company 2 $15,000 $ 92,200 Company 3 $5,000 50,600 Company 4 $130,500 221,800 Total direct materials available for use 391,000 101,300 Direct Materials Inventory, ending 25,000 34,600 Direct materials used in production 71,200 Direct labor 212,000 25,000 324,400 Total manufacturing overhead 254,400 97,500 64,300 Total manufacturing cost Work in Process Inventory, Beginning 194,000 138,300 913,200 148,500 38,000 Work in Process Inventory, Ending 50,000 43,700 47,500 Cost of goods manufactured 814,400 103,450 920,300 Finished Goods Inventory, beginning 35,000 36,000 Cost of goods available for sale 393,000 140,050 Finished Goods Inventory, ending Cost of Goods Sold $796,400 $ 12,600 $109,400 $ 42,300

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. Direct Materials Inventory, beginning Purchases of direct materials Company 1 Company 2 $15,000 $ 92,200 Company 3 $5,000 50,600 Company 4 $130,500 221,800 Total direct materials available for use 391,000 101,300 Direct Materials Inventory, ending 25,000 34,600 Direct materials used in production 71,200 Direct labor 212,000 25,000 324,400 Total manufacturing overhead 254,400 97,500 64,300 Total manufacturing cost Work in Process Inventory, Beginning 194,000 138,300 913,200 148,500 38,000 Work in Process Inventory, Ending 50,000 43,700 47,500 Cost of goods manufactured 814,400 103,450 920,300 Finished Goods Inventory, beginning 35,000 36,000 Cost of goods available for sale 393,000 140,050 Finished Goods Inventory, ending Cost of Goods Sold $796,400 $ 12,600 $109,400 $ 42,300

FINANCIAL ACCOUNTING
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. Direct Materials Inventory, beginning Purchases of direct materials Company 1 Company 2 $15,000 $ 92,200 Company 3 $5,000 50,600 Company 4 $130,500 221,800 Total direct materials available for use 391,000 101,300 Direct Materials Inventory, ending 25,000 34,600 Direct materials used in production 71,200 Direct labor 212,000 25,000 324,400 Total manufacturing overhead 254,400 97,500 64,300 Total manufacturing cost Work in Process Inventory, Beginning 194,000 138,300 913,200 148,500 38,000 Work in Process Inventory, Ending 50,000 43,700 47,500 Cost of goods manufactured 814,400 103,450 920,300 Finished Goods Inventory, beginning 35,000 36,000 Cost of goods available for sale 393,000 140,050 Finished Goods Inventory, ending Cost of Goods Sold $796,400 $ 12,600 $109,400 $ 42,300
Transcribed Image Text: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. Direct Materials Inventory, beginning Purchases of direct materials Company 1 Company 2 $15,000 $ 92,200 Company 3 $5,000 50,600 Company 4 $130,500 221,800 Total direct materials available for use 391,000 101,300 Direct Materials Inventory, ending 25,000 34,600 Direct materials used in production 71,200 Direct labor 212,000 25,000 324,400 Total manufacturing overhead 254,400 97,500 64,300 Total manufacturing cost Work in Process Inventory, Beginning 194,000 138,300 913,200 148,500 38,000 Work in Process Inventory, Ending 50,000 43,700 47,500 Cost of goods manufactured 814,400 103,450 920,300 Finished Goods Inventory, beginning 35,000 36,000 Cost of goods available for sale 393,000 140,050 Finished Goods Inventory, ending Cost of Goods Sold $796,400 $ 12,600 $109,400 $ 42,300
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