Question

Lindy Electronics manufactures and sells smartphones. Unfortunately, the company recently suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. Lindy has hired you to help figure out the missing pieces of the accounting puzzle. Assume that Lindy Electronics’ Raw Materials Inventory contains only direct materials.
Work process inventory, October 31................................................................ $ 1,600
Finished goods inventory, October 1................................................................ $ 4,900
Direct labor in October..................................................................................... $ 3,500
Purchases of direct materials in October.......................................................... $ 9,700
Work process inventory, October 1.......................................................................... 0
Revenues in October......................................................................................... $ 27,200
Gross profit in October..................................................................................... $ 12,300
Direct materials used in October...................................................................... $ 8,200
Raw materials inventory, October 31................................................................ $ 3,600
Manufacturing overhead in October................................................................ $ 6,300

Requirement
Find the following amounts:
a. Cost of Goods Sold in October
b. Beginning Raw Materials Inventory
c. Ending Finished Goods Inventory



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  • CreatedAugust 27, 2014
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