Benton's automobile spare part company's accounting records show the following information relating to its inventories: Direct materials
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Question:
Benton's automobile spare part company's accounting records show the following information relating to its inventories:
Direct materials beginning inventory | $52,000 |
Direct materials ending inventory | $45,000 |
WIP beginning inventory | $95,000 |
WIP ending inventory | $169,000 |
Finished goods beginning inventory | $100,000 |
Finished goods ending inventory | $112,000 |
Raw materials purchased | $495,000 |
Manufacturing OH charged to WIP during the year | $233,000 |
Selling and administration expenses | $45,000 |
Revenues | $1,400,000 |
Calculate the following:
a. | What was the cost of raw materials issued into work in process during the year? |
b. | What is the cost of goods completed and transferred to finished goods during the year |
c. | Cost of goods sold during the year |
d. | Gross Margin for the year |
e. | Net Income for the year |
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
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