Inventory cost flows (LO 3) 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 $ 15,000 ? $ 6,000 $130,500 Purchases of direct materials ? 93,200 51,600 220,800 Total direct materials available for use 394,000 101,300 ? ? Direct Materials Inventory, ending 26,000 ? ? 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 ? 195,000 138,300 913,200 Beginning Work in Process Inventory ? 147,500 38,000 ? Ending Work in Process Inventory 49,000 43,700 ? 49,900 Cost of goods manufactured 817,400 ? 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 ? 14,600 ? 42,400 Cost of Goods Sold 796,400 ? 108,400 ?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 1E: Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs...

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Inventory cost flows (LO 3) 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	$ 15,000	?	$ 6,000	$130,500
Purchases of direct materials	?	93,200	51,600	220,800
Total direct materials available for use	394,000	101,300	?	?
Direct Materials Inventory, ending	26,000	?	?	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	?	195,000	138,300	913,200
Beginning Work in Process Inventory	?	147,500	38,000	?
Ending Work in Process Inventory	49,000	43,700	?	49,900
Cost of goods manufactured	817,400	?	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	?	14,600	?	42,400
Cost of Goods Sold	796,400	?	108,400	?

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