destroyed-and completely jumbled. Rapid Electronics has hired you to help figure out the missing pieces of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
destroyed-and completely jumbled. Rapid Electronics has hired you to help figure out the missing pieces of the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials. a. Cost of Goo b. Beginning R Inventory c. Ending Fini Inventory Find the Cost of Goods Sold in October Data table the fol Revenues in October $ 27,900 Work in process inventory, October 31 .. $ $ 1,200 Raw materials inventory, October 31 . . . . $ $ 3,000 Direct labor in October SA 3,700 ting Manufacturing overhead in October ... $ 6,200 Work in process inventory, October 1 ... $ 0 Finished goods inventory, October 1 .... $ $ 4,100 Direct materials used in October Gross profit in October $ 8,600 $ 12,400 Purchases of direct materials in October $ 9,300 Print Done s C 0 K Rapid Electronics manufactures and sells a line of smartphones. Unfortunately, Rapid Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed-and completely jumbled. Rapid Electronics has hired you to help figure out the missing pieces of the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials. (Click the icon to view the amounts.) Requirement Find the following amounts: a. Cost of Goods Sold in October b. Beginning Raw Materials Inventory c. Ending Finished Goods Inventory a. Find the Cost of Goods Sold in October. Determine the Cost of Goods Sold in October by completing the following table. Cost of goods sold b. Find the beginning Raw Materials Inventory. Determine the beginning Raw Materials Inventory by completing the following table. Beginning raw materials inventory Materials available for use c. Find the Ending Finished Goods Inventory. Before we can determine the missing amount for ending Finished Goods Inventory, we will first need to calculate the Cost of Goods Manufactured. (Complete all input fields. For accounts with a $0 balance, make sure to enter "0" in the appropriate column.) Materials available for use c. Find the Ending Finished Goods Inventory. Before we can determine the missing amount for ending Finished Goods Inventory, we will first need to calculate the Cost of Goods Manufactured. (Complete all input fields. For accounts with a $0 balance, make sure to enter "0" in the appropriate column.) Total manufacturing costs to account for Cost of goods manufactured Now determine the Ending Finished Goods Inventory. Cost of goods available for sale Ending finished goods inventory Next destroyed-and completely jumbled. Rapid Electronics has hired you to help figure out the missing pieces of the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials. a. Cost of Goo b. Beginning R Inventory c. Ending Fini Inventory Find the Cost of Goods Sold in October Data table the fol Revenues in October $ 27,900 Work in process inventory, October 31 .. $ $ 1,200 Raw materials inventory, October 31 . . . . $ $ 3,000 Direct labor in October SA 3,700 ting Manufacturing overhead in October ... $ 6,200 Work in process inventory, October 1 ... $ 0 Finished goods inventory, October 1 .... $ $ 4,100 Direct materials used in October Gross profit in October $ 8,600 $ 12,400 Purchases of direct materials in October $ 9,300 Print Done s C 0 K Rapid Electronics manufactures and sells a line of smartphones. Unfortunately, Rapid Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed-and completely jumbled. Rapid Electronics has hired you to help figure out the missing pieces of the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials. (Click the icon to view the amounts.) Requirement Find the following amounts: a. Cost of Goods Sold in October b. Beginning Raw Materials Inventory c. Ending Finished Goods Inventory a. Find the Cost of Goods Sold in October. Determine the Cost of Goods Sold in October by completing the following table. Cost of goods sold b. Find the beginning Raw Materials Inventory. Determine the beginning Raw Materials Inventory by completing the following table. Beginning raw materials inventory Materials available for use c. Find the Ending Finished Goods Inventory. Before we can determine the missing amount for ending Finished Goods Inventory, we will first need to calculate the Cost of Goods Manufactured. (Complete all input fields. For accounts with a $0 balance, make sure to enter "0" in the appropriate column.) Materials available for use c. Find the Ending Finished Goods Inventory. Before we can determine the missing amount for ending Finished Goods Inventory, we will first need to calculate the Cost of Goods Manufactured. (Complete all input fields. For accounts with a $0 balance, make sure to enter "0" in the appropriate column.) Total manufacturing costs to account for Cost of goods manufactured Now determine the Ending Finished Goods Inventory. Cost of goods available for sale Ending finished goods inventory Next
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Gamma Electronics manufactures and sells a line of smart phones. Unfortunately, Gamma Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were...
-
JR Electronics manufactures and sells a line of smartphones. Unfortunately, JR Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were...
-
A $250 suit is on sale for $190, and a $90 pair of shoes is on sale for $65. Find the average percent decrease in price for the 2 items.
-
Colossal Marine. Inc.. had income before income tax of $171,000 and taxable income of $148,000 for 2016, the company's first year of operations. The income tax rate is 40%. 1. Make the entry to...
-
Melodic Musical Sales, Inc. is located at 5500 Fourth Avenue, City, ST 98765. The corporation uses the calendar year and accrual basis for both book and tax purposes. It is engaged in the sale of...
-
Maribel Baltazar was hired by clothing retail merchandiser Forever 21 in 2007. During the hiring process, Baltazar was given an 11-page document to sign, two pages of which contained an arbitration...
-
Suppan Manufacturing Company manufactures a variety of tools and industrial equipment. The company operates through three divisions. Each division is an investment center. Operating data for the Home...
-
Make a Relational Model Table and Define Keys from Entity Relation Diagram Q2: Design the World Music Association Database using given ERD. ORCHESTRA "Orchestra Name City Country Music Director...
-
Precious Metal Mining has $14 million in sales, its ROE is 11%, and its total assets turnover is 4x. Common equity on the firm's balance sheet is 70% of its total assets. What is its net income?...
-
Has the law against retaliation gone too far? How can an employer prevent the shunning of an employee who remains in the workplace and has filed a claim against the employer?
-
Suppose a random variable X can take on only values in the range from 2 to 10 and that the probability that the variable will assume any value within any interval in this range is the same as the...
-
Sending countries experience two distinct situations as a result of international migrationbrain drain and strategic deployment. What are the differences between the two? What are the advantages (if...
-
Why is mental disability so difficult to define in the context of the Americans with Disabilities Act?
-
What are the ethical issues that healthcare leaders and managers must consider when recruiting IMGs and INGs? What steps can be taken to deal with these issues?
-
With the booming world economy, the 2x4 lumber consumed in the construction industry is considerably increasing. To obtain the 2 x 4?s that meet the quality requirements the milling system for 2x4?s...
-
Banner Company acquires an 80% interest in Roller Company for $640,000 cash on January 1, 2013. The NCI has a fair value of $160,000. Any excess of cost over book value is attributed to goodwill. To...
-
Each morning, Larry Imery stocks the drink case at Larry's Beach Hut in Charlotte, North Carolina. Larry's Beach Hut has 110 linear feet of refrigerated display space for cold drinks. Each linear...
-
Classify each of The J. M. Smucker Company's costs as one of the six business functions in the value chain. a. Cost of a prime-time TV ad featuring Smucker's Fruit & Honey Fruit Spreads b. Salary of...
-
Antique Accessories manufactures auto roof racks in a two-stage process that includes shaping and plating. Steel alloy is the basic raw material of the shaping process. The steel is molded according...
-
Identify the sources and discuss the consequences of bank runs, bank panics, and financial crises.
-
Explain why and how the government intervenes in the financial system, and the problems the government safety net creates.
-
Deflation is the rate of decline in the aggregate price level. Why might unexpected deflation be of particular concern to someone managing a bank?
Study smarter with the SolutionInn App