Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the missing figures. Income Statement Information $1,500 Sales 10% Gross Margin Percentage Inventory Information $530 Raw Materials inventory, Jan I, 2022 Purchases of raw materials during the year (Q15) Raw materials used in production during the year (Q16) $624 Raw Materials inventory. Dec 31, 2022 $1850 Work in Process inventory, Jan I, 2022 Raw materials used in production during the year (Q16) $202 Direct Labor costs incurred during the year $845 Manufacturing Overhead costs incurred during the year Cost of units completed during the year (Q17) $2,100 Work in Process inventory, Dec 31, 2022 (Q18) Finished Goods inventory. Jan 1, 2022 S1,214 Cost of units completed during the year (Q19) Cost of units sold during the year S872 Finished Goods inventory, Dee 31, 2022
Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the missing figures. Income Statement Information $1,500 Sales 10% Gross Margin Percentage Inventory Information $530 Raw Materials inventory, Jan I, 2022 Purchases of raw materials during the year (Q15) Raw materials used in production during the year (Q16) $624 Raw Materials inventory. Dec 31, 2022 $1850 Work in Process inventory, Jan I, 2022 Raw materials used in production during the year (Q16) $202 Direct Labor costs incurred during the year $845 Manufacturing Overhead costs incurred during the year Cost of units completed during the year (Q17) $2,100 Work in Process inventory, Dec 31, 2022 (Q18) Finished Goods inventory. Jan 1, 2022 S1,214 Cost of units completed during the year (Q19) Cost of units sold during the year S872 Finished Goods inventory, Dee 31, 2022
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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