Of all the times this hard drive could crash, it had to be now, Linda cried....

      

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Of all the times this hard drive could crash, it had to be now, Linda cried. How can I finish the June financial reports without all the information? I knew I should have backed up the disk last night before I left work. News of the disaster traveled quickly through the office, and people began to stop by her cubicle to offer their help. Robert was the first to the rescue. It might not be as bad as you think, Linda. I have the financial reports from May right here. According to the balance sheet, we had a total inventory of $190,000 at the end of May. And I remember that the Finished Goods Inventory was 60% of that amount. I just finished the inventory counts last night, Michael chimed in from across the hall. According to my tally sheets, we finished June with $38,000 in Direct Materials Inventory, $21,000 in Work in Process Inventory, and $43,000 in Finished Goodsinventory. This was a 25% increase from the balances in Direct Materials Inventory at the end of May. I bet with a little more investigative work, we can get all the numbers you need to complete the reports. Barbara called from Payroll to tell Linda that the company had paid a total of $26,000 for direct labor during June, Juan, the billing supervisor, e-mailed Linda that the company had sent out invoices to customers totaling $561,000. Linda knew that the overhead rate was 200% of direct labor costs. She also knew that the company priced its product using a 100% markup on the cost of goods sold. Armed with all this information, she sat down to reconstruct the inventory accounts for June. (a1) Your answer is correct. (1) Calculate the begininng finished goods. (Round answer to the nearest dollar amount, e.g. 5,275.) Begininng finished goods (2) Calculate the beginning direct materials, Beginning direct materials $ (3) Calculate the beginning work in process. Beginning work in process $ 114000 30400 (4) Calculate the cost of goods sold. (Round answer to the nearest dollar amount, eg. 5,275.) Cost of goods sold 280500 45600 (5) Calculate the cost of goods manufactured. (Round answer to the nearest dollar amount, eg. 5,275.) Question 6 of 10 < > (5) Calculate the cost of goods manufactured. (Round answer to the nearest dollar amount, eg. 5,275.) Cost of goods manufactured $ (6) Calculate the direct material used. (Round answer to the nearest dollar amount, eg. 5,275) Direct material used $ Purchases (7) Calculate the amount of purchases. (Round answer to the nearest dollar amount, eg. 5,275.) $ Direct labor 114500 106900 (8) State the amount of direct labor for the month. 209500 26000 0.67/1 (9) Calculate the amount of applied overhead. Overhead eTextbook and Media (a2) Your answer is correct. (2) Beg Bal Using the information available to Linda, prepare T-accounts to reflect the inventory cost flows for June. (Post entries in order presented in the problem. Round answers to the nearest dollar amount, e.g. 5,275.) Direct Materials 30400 (6) DM (7) Pur 52000 Bal 114500 38000 Attempts: 1 of 3 used 106900 Question 6 of 10 0.67/1 E Using the information available to Linda, prepare T-accounts to reflect the inventory cost flows for June. (Post entries in order presented in the problem. Round answers to the nearest dollar amount, e.g. 5,275.) Direct Materials 30400 (6) DM (2) Beg Bal (7) Pur Bal. (3) Beg Bal (6) DM (8) DL (9) OH Bal. (1) Beg Bal (5) COG Man Bal. v > > < < 114500 38000 Work in Process 45600 106900 26000 52000 21000 Finished Goods 114000 209500 (5) COG Man 43000 (4) COGS 4 106900 209500 280500 (b) Prepare a schedule of cost of goods manufactured in good form. (Round answers to the nearest dollar amount, e.g. 5,275.) Schedule of Cost of Goods Manufactured : < > $ Of all the times this hard drive could crash, it had to be now, Linda cried. How can I finish the June financial reports without all the information? I knew I should have backed up the disk last night before I left work. News of the disaster traveled quickly through the office, and people began to stop by her cubicle to offer their help. Robert was the first to the rescue. It might not be as bad as you think, Linda. I have the financial reports from May right here. According to the balance sheet, we had a total inventory of $190,000 at the end of May. And I remember that the Finished Goods Inventory was 60% of that amount. I just finished the inventory counts last night, Michael chimed in from across the hall. According to my tally sheets, we finished June with $38,000 in Direct Materials Inventory, $21,000 in Work in Process Inventory, and $43,000 in Finished Goodsinventory. This was a 25% increase from the balances in Direct Materials Inventory at the end of May. I bet with a little more investigative work, we can get all the numbers you need to complete the reports. Barbara called from Payroll to tell Linda that the company had paid a total of $26,000 for direct labor during June, Juan, the billing supervisor, e-mailed Linda that the company had sent out invoices to customers totaling $561,000. Linda knew that the overhead rate was 200% of direct labor costs. She also knew that the company priced its product using a 100% markup on the cost of goods sold. Armed with all this information, she sat down to reconstruct the inventory accounts for June. (a1) Your answer is correct. (1) Calculate the begininng finished goods. (Round answer to the nearest dollar amount, e.g. 5,275.) Begininng finished goods (2) Calculate the beginning direct materials, Beginning direct materials $ (3) Calculate the beginning work in process. Beginning work in process $ 114000 30400 (4) Calculate the cost of goods sold. (Round answer to the nearest dollar amount, eg. 5,275.) Cost of goods sold 280500 45600 (5) Calculate the cost of goods manufactured. (Round answer to the nearest dollar amount, eg. 5,275.) Question 6 of 10 < > (5) Calculate the cost of goods manufactured. (Round answer to the nearest dollar amount, eg. 5,275.) Cost of goods manufactured $ (6) Calculate the direct material used. (Round answer to the nearest dollar amount, eg. 5,275) Direct material used $ Purchases (7) Calculate the amount of purchases. (Round answer to the nearest dollar amount, eg. 5,275.) $ Direct labor 114500 106900 (8) State the amount of direct labor for the month. 209500 26000 0.67/1 (9) Calculate the amount of applied overhead. Overhead eTextbook and Media (a2) Your answer is correct. (2) Beg Bal Using the information available to Linda, prepare T-accounts to reflect the inventory cost flows for June. (Post entries in order presented in the problem. Round answers to the nearest dollar amount, e.g. 5,275.) Direct Materials 30400 (6) DM (7) Pur 52000 Bal 114500 38000 Attempts: 1 of 3 used 106900 Question 6 of 10 0.67/1 E Using the information available to Linda, prepare T-accounts to reflect the inventory cost flows for June. (Post entries in order presented in the problem. Round answers to the nearest dollar amount, e.g. 5,275.) Direct Materials 30400 (6) DM (2) Beg Bal (7) Pur Bal. (3) Beg Bal (6) DM (8) DL (9) OH Bal. (1) Beg Bal (5) COG Man Bal. v > > < < 114500 38000 Work in Process 45600 106900 26000 52000 21000 Finished Goods 114000 209500 (5) COG Man 43000 (4) COGS 4 106900 209500 280500 (b) Prepare a schedule of cost of goods manufactured in good form. (Round answers to the nearest dollar amount, e.g. 5,275.) Schedule of Cost of Goods Manufactured : < > $

Answer rating: 100% (QA)

Answer 1 As per Given Data The closing balance as on May End 1900... View the full answer