Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2. Required: Calculate the values of the missing items. Year 1 Year 2 Item: Direct materials used in production $ ? $50,000 Direct materials: Beginning inventory $10,000 $? Direct materials purchases 45,000 $? Direct materials: Ending inventory 15,000 17,000 Direct labor used in production $? 53,000 Manufacturing overhead costs used in production 80,000 76,000 Work in process: Beginning inventory 17,000 14,000 Work in process: Ending inventory 14,000 19,000 Finished goods: Beginning inventory 8,000 7,000 Finished goods: Ending inventory 7,000 11,000 Cost of goods sold 169,000 $?
Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2. Required: Calculate the values of the missing items. Year 1 Year 2 Item: Direct materials used in production $ ? $50,000 Direct materials: Beginning inventory $10,000 $? Direct materials purchases 45,000 $? Direct materials: Ending inventory 15,000 17,000 Direct labor used in production $? 53,000 Manufacturing overhead costs used in production 80,000 76,000 Work in process: Beginning inventory 17,000 14,000 Work in process: Ending inventory 14,000 19,000 Finished goods: Beginning inventory 8,000 7,000 Finished goods: Ending inventory 7,000 11,000 Cost of goods sold 169,000 $?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold
Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2.
Required:
Calculate the values of the missing items.
| Year 1 | Year 2 | |
| Item: | ||
| Direct materials used in production | $ ? | $50,000 |
| Direct materials: Beginning inventory | $10,000 | $? |
| Direct materials purchases | 45,000 | $? |
| Direct materials: Ending inventory | 15,000 | 17,000 |
| Direct labor used in production | $? | 53,000 |
| 80,000 | 76,000 | |
| Work in process: Beginning inventory | 17,000 | 14,000 |
| Work in process: Ending inventory | 14,000 | 19,000 |
| Finished goods: Beginning inventory | 8,000 | 7,000 |
| Finished goods: Ending inventory | 7,000 | 11,000 |
| Cost of goods sold | 169,000 | $? |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education