Question

Smooth Sounds manufactures and sells a new line of MP3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed—and completely jumbled. Smooth Sounds has hired you to help figure out the missing pieces of the accounting puzzle. Assume that Smooth
Sounds’ raw materials inventory contains only direct materials.
Work in process inventory, October 31................................................... $ 1,500
Finished goods inventory, October 1....................................................... 4,300
Direct labour in October......................................................................... 3,000
Purchases of direct materials in October ................................................. 9,000
Work in process inventory, October 1..................................................... 0
Revenues in October............................................................................... 27,000
Gross profit in October........................................................................... 12,000
Direct materials used in October............................................................. 8,000
Raw materials inventory, October 31...................................................... 3,000
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


$1.99
Sales4
Views193
Comments0
  • CreatedApril 30, 2015
  • Files Included
Post your question
5000