It was the end of the accounting period for Karen. Her company just wrapped up its...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
It was the end of the accounting period for Karen. Her company just wrapped up its busiest time of the year, as specialized laser-cut steel fire pits suddenly were a hot item. She was working on the inventory section of the company's balance sheet, planning to talk to the warehouse manager, who had records of all Finished Goods Inventory costs. Unfortunately, he was on leave, and his replacement was not well-informed. Karen was able to gather the following information from the accounting records, which she hoped would be enough to complete the inventory section of the balance sheet. DM Inventory WIP Inventory FG Inventory DM Purchases DL Costs MOH Costs Cost of Goods Manufactured Cost of Goods Sold (a) Beginning of Year $10,000 X Your answer is incorrect. Direct materials 15,000 4,000 End of year $4,000 94,000 ? ? 90,000 130,000 110,000 326,000 Calculate the cost of direct materials used in production this year. 313,000 It was the end of the accounting period for Karen. Her company just wrapped up its busiest time of the year, as specialized laser-cut steel fire pits suddenly were a hot item. She was working on the inventory section of the company's balance sheet, planning to talk to the warehouse manager, who had records of all Finished Goods Inventory costs. Unfortunately, he was on leave, and his replacement was not well-informed. Karen was able to gather the following information from the accounting records, which she hoped would be enough to complete the inventory section of the balance sheet. DM Inventory WIP Inventory FG Inventory DM Purchases DL Costs MOH Costs Cost of Goods Manufactured Cost of Goods Sold (a) Beginning of Year $10,000 X Your answer is incorrect. Direct materials 15,000 4,000 End of year $4,000 94,000 ? ? 90,000 130,000 110,000 326,000 Calculate the cost of direct materials used in production this year. 313,000
Expert Answer:
Answer rating: 100% (QA)
The question asks to calculate the cost of direct materials used in pr... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
Students also viewed these accounting questions
-
1.Which of the following below is NOT an element of internal control? a. risk assesment b. monitoring c. information and communication d. behavior analysis ANSWER:D 2. Which of the following below is...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Is the converse of the second part of Theorem 5.7 true? That is, if a function is one-to-one (and therefore has an inverse function), then must the function be strictly monotonic? If so, prove it. If...
-
"Persistent budget deficits always lead to higher inflation." Is this statement true, false, or uncertain? Explain your answer.
-
The following is a partial balance sheet for Zabel Company: Instructions 1. List any errors in the preceding balance sheet. 2. Prepare a corrected balance sheet. ZABEL COMPANY Balance Sheet December...
-
When conducting an incremental analysis, what step must always be taken immediately prior to beginning the pairwise comparisons? a. Order the alternatives from highest to lowest initial investment b....
-
Warranties Winslow Company sold 150 color laser copiers in 2010 for $4,000 apiece, together with a one-year warranty. Maintenance on each copier during the warranty period averages $300. (a) Prepare...
-
A monopoly water slide has demand of p(Q) = a - bQ, where p is the price per slide ("ride"), Q is the quantity of slides demanded, and a, b > 0. Fixed costs are F = 0 and constant marginal costs are...
-
Rusty Spears, CEO of Rusty's Renovations, a custom building and repair company, is preparing documentation for a line of credit request from his commercial banker. Among the required documents is a...
-
A small deformation of a certain crystal is defined by the tensor: 8 -1 -1 [e] 160 x 10-6 -5 02 (a) Find the strain tensor [j] and the rotation tensor [w;;]. (b) Find the magnitudes and directions of...
-
Learning Goal: To understand the behavior of the electric field at the surface of a conductor, and its relationship to surface charge on the conductor. A conductor is placed in an external...
-
Explain the reason why political issues is important for us to learn about inner- cultural communication today?
-
A block with mass m is in rest on a frictionless, circular guide with radius R, in the position indicated with the angle 0. A small ledge (in black on the figure) prevents the mass from sliding...
-
Make a function that does the following: Generates a random number from the interval [0, 1000]. Note: Remember that Math.random() outputs a random number from [0,1]. Do the correspondingmathematical...
-
Java code for comparing Strassen's Algorithms and ordinary multiplication. The code needs to count individual multiplications to use as a basis for comparison and timing. it is only necessary to...
-
Your clients, Tom and Teri Trendy, have a 20-year old son, Tim. Tim lives in Hawaii, where he studies the effects of various sunscreens on his ability to surf. Last year, Tim was out of money and...
-
Find the equation of the plane passing through the points P 5,4,3 ,Q 4,3,1 and R 1,5,4
-
Analyze the accounting equation effects of the transactions in M2- 13 using the format shown in the chapter and compute total assets, total liabilities, and total stockholders equity. J. K. Builders...
-
Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions...
-
Match each situation below to two applicable reasons that require an adjustment to be made. 1. IBM completed a consulting project for the CDC A Revenue has been earned. B. Expense has been incurred...
-
This chapter suggests that estimating project costs is a challenging process that can resemble an art form as much as science. Describe the different methods used to estimate costs on a project. How...
-
Consider the common problems with project cost estimation and recall a project with which you have been involved. Which of these common problems did you encounter most often? Why?
-
Explain the concept of activity-based costing. What are the steps involved in this process?
Study smarter with the SolutionInn App