High Tech Electronics manufactures and sells a line of radio. Unfortunately, High Tech Electronics suffered serious fire damage at itshome office. As a result, the accounting records for October were partially destroyed and completely jumbled. High Tech Electronics hashired you to help figure out the missing pieces of the accounting puzzle. Assume that the Raw Materials Inventory contains only directmaterials.a. Find the Cost of Goods Sold in October.Determine the Cost of Goods Sold in October by completing the following table.Cost of goods soldData tableC...Print(Click the icon to view the amounts.)Revenues in October.Work in process inventory, October 31 ... $Raw materials inventory, October 31..... $Direct labor in October$Manufacturing overhead in October ..... $Work in process inventory, October 1.... $Finished goods inventory, October 1 .... $Direct materials used in October$Gross profit in October.$ 12.100Purchases of direct materials in October $9,300DoneRequirementFind the following amounts:a. Cost of Goods Sold in Octoberb. Beginning Raw Materials Inventoryc. Ending Finished Goods Inventory$ 27,8001.8003,9003,8006,10004,2008,400X

(1) Raw Material consumed = Opening stock of raw Material + Raw Material purchased - Closing stock…

Data table Revenues in October..... . $ Work in process inventory, October 31... $ Raw materials inventory, October 31.....$ Direct labor in October ... .$ Manufacturing overhead in October .....$ Work in process inventory, October 1.... S Finished goods inventory, October 1....$ 4,200 Direct materials used in October....$ 8,400 Gross profit in October...... $ 12,100 Purchases of direct materials in October $ 9,300 Print 27,800 1,800 3,900 3,800 6,100 0 Done

Data table Revenues in October..... . $ Work in process inventory, October 31... $ Raw materials inventory, October 31.....$ Direct labor in October ... .$ Manufacturing overhead in October .....$ Work in process inventory, October 1.... S Finished goods inventory, October 1....$ 4,200 Direct materials used in October....$ 8,400 Gross profit in October...... $ 12,100 Purchases of direct materials in October $ 9,300 Print 27,800 1,800 3,900 3,800 6,100 0 Done

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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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……………
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