I need help and working out for these questions. Please to provide the best and accurate answer. 4. Smooth Sounds manufactures and sells a new line of MP-3 players. Unfortunately,Smooth Sounds suffered serious fire damage at its home office. As a result, theaccounting record for October were partially destroyed- and completely jumbled.Smooth Sounds has hired you to help figure out the missing pieces of the accountingpuzzle.Work in process inventory, October 31. $1,500Finished goods inventory, October 1...Direct labour in October.. ..Purchase of direct materials in OctoberWork in process inventory, October 1...Revenues in October....Accounts receivable, October 1....Gross profit in October...Accounts payable, October 1...Direct materials used in October...Accounts payable, October 31..Accounts receivable, October 31.Direct materials inventory, Oct. 31....Manufacturing Overhead in October.$3,0008,0005,2006,5003,0006,3004,3003,0009,000***27,0002,00012,000*****Required: Compute the following amountsi)ii)iii)iv)v)Manufacturing costsCost of goods manufactured in OctoberCost of goods sold in OctoberBeginning direct materials inventoryEnding finished goods inventory

The cost of goods manufactured statement includes the cost of goods are manufactured during the…

4. Smooth Sounds manufactures and sells a new line of MP-3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home office. As a result, the accounting record for October were partially destroyed- and completely jumbled. Smooth Sounds has hired you to help figure out the missing pieces of the accounting puzzle. k in process inventory, October 31. shed goods inventory, October 1... ct labour in October.... Accounts payable, October 1.. . Direct materials used in October.... Accounts payable, October 31. $1,500 $3,000 8,000 4,300 3,000 5,200

4. Smooth Sounds manufactures and sells a new line of MP-3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home office. As a result, the accounting record for October were partially destroyed- and completely jumbled. Smooth Sounds has hired you to help figure out the missing pieces of the accounting puzzle. k in process inventory, October 31. shed goods inventory, October 1... ct labour in October.... Accounts payable, October 1.. . Direct materials used in October.... Accounts payable, October 31. $1,500 $3,000 8,000 4,300 3,000 5,200

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 14P: An examination of Buckhorn Fabricators records reveals the following transactions: a. On December...

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Smooth Sounds manufactures and sells a new line of MP-3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home office. As a result, the accounting record for October were partially destroyed- and completely jumbled. Smooth Sounds has hired you to help figure out the missing pieces of the accounting puzzle. Work in process inventory, October 31. $1,500 Accounts payable, October 1……… $3,000 Finished goods inventory, October 1….. 4,300 Direct materials used in October…….. 8,000 Direct labor in October……. 3,000 Accounts payable, October 31…… 5,200 Purchase of direct materials in October 9,000 Accounts receivable, October 31…… 6,500 Work in process inventory, October 1----- 0 Direct materials inventory, Oct. 31…. 3,000 Revenues in October………… 27,000 Manufacturing Overhead in October… 6,300 Accounts receivable, October 1….. 2,000 Gross profit in October……………
On April 12, after the close of business, Singh & Sons had a devastating fire that destroyedthe company’s work-in-process and finished-goods inventories. Fortunately, all rawmaterials escaped damage because materials owned by the firm were stored in anotherwarehouse. The following information is available:Sales revenue through April 12........................................................................ $330,000Income before taxes through April 12 ............................................................. 68,000Direct labor through April 12........................................................................... 120,000Cost of goods available for sale, April 12........................................................ 275,000Work-in-process inventory, January 1 ............................................................. 21,000Finished-goods inventory, January 1 ............................................................... 37,000Gross margin…
You are the cost accountant for Fashions, Inc. On July 31, 2002, a fire destroyed part of your company's office building factory. Inventories were totally destroyed, and many of the accountant records were damaged or destroyed by the fire. You have been given the responsibility for recovering enough cost data to file an insurance claim. You were able to recover the following. Cost of goods available for sale for July amounted to $395,000, sales totaled $625,000, and gross profit sales was 40%. in addition, raw materials used in July amounted to 175,000. and raw materials purchased totaled $172,500. Direct labor cost for July was $125,000. Based on past results, you know that manufacturing overhead is 60% of direct labor cost. You are able to retrieve a copy of the June Balance sheet, and it indicates that inventories of June 30 were as follows: Work in process inventory, $11,000 Finished Goods inventory $18,000 Raw Materials $9,500 You must determine the amount of your…
A series of computer and backup system failures caused the loss of most of the company records at Stotter, Incorporated. Information technology consultants for the company could recover only a few fragments of the company’s factory ledger for July as follows: Materials Inventory Debit Credit Beginning Balance (7/1) 136,000 228,000 Work-in-Process Inventory Debit Credit Beginning Balance (7/1) 23,000 Finished Goods Inventory Debit Credit Ending Balance (7/31) 93,900 2,190 Cost of Goods Sold Debit Credit Manufacturing Overhead Control Debit Credit 194,000 Accounts Payable (Materials) Debit Credit 184,900 39,200 Ending Balance (7/31) Further investigation and reconstruction from other sources yielded the following additional information: Based on records for January through June, overhead is applied at the rate of $24 per direct labor-hour. The production superintendent’s cost sheets showed only one job in Work-in-Process Inventory on July 31. Materials of $15,706 had been added to the…
On January 31, a snowstorm damaged the office of a small business, and some of the accounting information stored in the computer’s memory was lost. The following information pertaining to January activities was retrieved from other sources: Direct materials purchased $24,840 Work in process—beginning inventory 2,760 Direct materials—beginning inventory 8,280 Direct materials—ending inventory 13,800 Finished goods—beginning inventory 16,560 Finished goods—ending inventory 3,450 Sales 82,800 Manufacturing overhead and direct labour incurred 30,360 Gross profit percentage based on net sales 40 %. Assume that $27,600 of direct materials was used in January and that the cost of goods available for sale in January amounted to $55,200. What did the ending work in process inventory amount to? Ending work in process inventory $e Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for…
GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data. Cost of Goods Sold $ 384,000 Work-in-Process Inventory, Beginning 31,000 Work-in-Process Inventory, Ending 41,200 Selling and Administrative Expense 51,800 Finished Goods Inventory, Ending 15,600 Finished Goods Inventory, Beginning ? Direct Materials Purchased 175,400 Factory Overhead Applied 118,000 Operating Income 24,200 Direct Materials Inventory, Beginning 19,200 Direct Materials Inventory, Ending 6,200 Cost of Goods Manufactured 344,000 Direct Labor 58,000 The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use? Multiple Choice $118,000. $188,400. $194,600.…
GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data. Cost of Goods Sold $ 384,000 Work-in-Process Inventory, Beginning 31,000 Work-in-Process Inventory, Ending 41,200 Selling and Administrative Expense 51,800 Finished Goods Inventory, Ending 15,600 Finished Goods Inventory, Beginning ? Direct Materials Purchased 175,400 Factory Overhead Applied 118,000 Operating Income 24,200 Direct Materials Inventory, Beginning 19,200 Direct Materials Inventory, Ending 6,200 Cost of Goods Manufactured 344,000 Direct Labor 58,000 The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use?
The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $ 58,000 Finished Goods Inventory, Beginning 9,000 Finished Goods Inventory, Ending 6,000 Cost of Goods Sold ? Gross Margin 25,000 Direct Materials Used 10,000 Selling and Administrative Expense ? Operating Income 14,000 Work-in-Process Inventory, Beginning ? Work-in-Process Inventory, Ending 5,000 Direct Labor Used 9,000 Factory Overhead 12,000 Total Manufacturing Cost ? Cost of Goods Manufactured ? Selling and administrative expenses are calculated to be: Multiple Choice $4,000. $9,000. $11,000. $12,000. $16,000.
Mr. Mazin is a production manager in Al Rawa Manufacturing & Trading LLC. During the month of January 2021, Al Rawa Manufacturing received an order from a customer. The order has been processed and the finished goods are transferred to the stores. During the production, in one process there was a normal loss of 50 units & abnormal loss of 75 units, the total cost incurred in the process was RO 10,000, the normal loss is estimated at RO 80 per unit, abnormal loss value was estimated at RO 3,000. The production manager requested you to estimate the number of input units issued to the process. a. 225 units b. 200 units c. 250 units d. 275 units
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The following information is used for question 6 - 8. Craig Beach Vacations (CBV) manufacturers sand-resistant suitcases for the frequent beachgoers. They reported the following inventory values on their balance sheet: January 1 December 31 Direct materials $120,000 $162,000 Work in process $548,000 $420,000 Finished goods $367,000 $513,000 During the production of 1,800 units, CBV purchased $72,000 in direct materials purchases. They also incurred $33,000 in overhead expenses, $22,400 in administrative expenses, and 1,200 hours of labor. All laborers are paid at a wage rate of $12.00 per hour. CBV sells all their products at an average price of $80 per unit. Using the information provided, what is the operating income? Please round your answer to the nearest whole dollar. Do not include the "$" symbol. Incorrect answer: 44,200
A distraught employee, Fang W. Arson, put a torch to manufacturing plant on a blustery February 26. The resultingblaze destroyed the plant and its contents. Fortunately, certain accounting records were kept in another building. Theyreveal the following for the period from January 1, 2017 to February 26, 2017.Revenues 6,00,000 Direct materials 26/2/2017 56,000Indirect manufacturing costs 60 % of conversion costsPrime costs 320,000 Work in process 1/1/2017 34,000Gross margin percentage based onrevenues 25% Finished goods 1/1/2017 40,000Direct materials consumed 120,000 Direct materials 1/1/2017 20,000Cost of goods available for sale 4,60,000Required: Prepare the statement of cost of goods sold.