What amount of work in process inventory was transferred out to finished goods during January? On January
Fantastic news! We've Found the answer you've been seeking!
Question:
What amount of work in process inventory was transferred out to finished goods during January?
Transcribed Image Text:
On January 31, a snowstorm damaged the office of a small business, and some of the accounting information stored in the computer's memory was lost. The following information pertaining to January activities was retrieved from other sources: Direct materials purchased Work in process-beginning inventory Direct materials-beginning inventory Direct materials-ending inventory Finished goods-beginning inventory Finished goods-ending inventory Sales Manufacturing overhead and direct labour incurred Gross profit percentage based on net sales $19,440 2,160 6,480 10,800 12,960 2,700 64,800 23,760 40 % On January 31, a snowstorm damaged the office of a small business, and some of the accounting information stored in the computer's memory was lost. The following information pertaining to January activities was retrieved from other sources: Direct materials purchased Work in process-beginning inventory Direct materials-beginning inventory Direct materials-ending inventory Finished goods-beginning inventory Finished goods-ending inventory Sales Manufacturing overhead and direct labour incurred Gross profit percentage based on net sales $19,440 2,160 6,480 10,800 12,960 2,700 64,800 23,760 40 %
Expert Answer:
Answer rating: 100% (QA)
To determine the amount of work in process WIP inventory that was transferred out to finished goods during January we need to do a bit of calculation ... View the full answer
Related Book For
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118856994
4th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
Posted Date:
Students also viewed these accounting questions
-
On January 31, a snowstorm damaged the office of a small business, and some of the accounting information stored in the computer's memory was lost. The following information pertaining to January...
-
The Rolling Department of Oak Ridge Steel Company had 8,582 tons in beginning work in process inventory (50% complete) on July 1. During July, 61,300 tons were completed. The ending work in process...
-
Star Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1 are given below. Because the videos differ in length and in...
-
Gerald De Beer is a 38-year-old vibrant, outgoing young man who has been employed as a digital artist at Innovate Tech Solutions (Pty) Ltd ("Innovate Tech") since 1 May 2019. Details of Geralds...
-
A menu has live appetizers, three soups, seven main courses, six salad dressings, and eight desserts. In how many ways can a full meal be chosen? In how many ways can a meal be chosen if either an...
-
Listed below are several terms and phrases associated with long-term debt. Pair each item from List A with the item from List B (by letter) that is most appropriately associated with it.
-
Pop and Mom Ltd bought 120,000 of the 200,000 issued ordinary 1 shares of Sonny Ltd for 300,000 on 31 July 2004. Sonny Ltd financial statements are drawn up annually to 31 December. The balance sheet...
-
Even though independent gasoline stations have been having a difficult time, Susan Solomon has been thinking about starting her own independent gasoline station. Susan's problem is to decide how...
-
You are auditing the cash account of Carrera Inc. for the fiscal year ended July 31, 2018. The client has not prepared the July 31, bank reconciliation. The following information were made...
-
In spring 2021, Amir Nathoo was at the helm of one of the most talked-about startups in the massive and fragmented educational technology (EdTech) industry. Just six years earlier, Nathoo and his...
-
Gymnast Clothing manufactures expensive hockey jerseys for sale to college bookstores in runs of up to 250. Its cost (in dollars) for a run of x hockey jerseys is C(x) = 2500 + 10x + 0.2x2 (0 x 250)....
-
A primary advantage of using computer-assisted audit programs to audit the financial statements of a client that uses a computer system is that the auditor may a. Consider increasing the use of...
-
Identifying accounting users The following is a list of selected internal users of accounting information. Match the appropriate user A through E to the following information needs 1 through 5. A....
-
What is stratification, and how does it affect sample size for substantive tests?
-
An auditor using audit software probably would be least interested in which of the following fields in a computerized perpetual inventory file? a. Economic order quantity. b. Warehouse location. c....
-
Find Best Buys annual report included in Appendix A near the end of the book. In the first footnote to the financial statements, Best Buy reports how it accounts for property and equipment. Required...
-
The Rainwater Brewery produces beer. The annual fixed cost is $150,000, and the variable cost per barrel is $16. Price is related to demand, according to the following linear equation: V = 75,000 -...
-
What kind of rays are X-rays?
-
Tilger Farm Supply Company manufactures and sells a fertilizer called Snare. The following data are available for preparing budgets for Snare for the first two quarters of 2016. 1. Sales: Quarter 1,...
-
Jenson College provides its own housekeeping services. The College director would like to outsource this ser- vice, and has found a company that will provide the service for $48 per hour. The...
-
Berg and Son Ltd. builds custom-made pleasure boats that range in price from $10,000 to $250,000. For the past 30 years, Mr. Berg Sr. has determined the selling price of each boat by estimating the...
-
You will compute the (Fourier) convolution of two box functions of the same width. Recall that the box function is given by \[f_{a}(x)= \begin{cases}1, & |x| \leq a \\ 0, & |x|>a\end{cases}\]...
-
Define the integrals \(I_{n}=\int_{-\infty}^{\infty} x^{2 n} e^{-x^{2}} d x\). Noting that \(I_{0}=\sqrt{\pi}\), a. Find a recursive relation between \(I_{n}\) and \(I_{n-1}\). b. Use this relation...
-
Find the Laplace transform of the following functions: a. \(f(t)=9 t^{2}-7\). b. \(f(t)=e^{5 t-3}\). c. \(f(t)=\cos 7 t\) d. \(f(t)=e^{4 t} \sin 2 t\). e. \(f(t)=e^{2 t}(t+\cosh t)\). f. \(f(t)=t^{2}...
Study smarter with the SolutionInn App