For June 30th of 2017, Company X reported raw materials balance of TL20,000, WIP balance of...

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For June 30th of 2017, Company X reported raw materials balance of TL20,000, WIP balance of TL25,000 and finished goods balance of TL40,000 in its balance sheet. During July; • Direct labor of TL250,000 and raw materials of TL350,900 was used. • TL360,000 worth of raw materials was purchased. Manufacturing overhead used (exclusive of indirect materials) was equal to 60% of direct labor costs. At the end of July, sales totalled TL1,246,000 and gross profit was 40% of the sales. COGS available for sale equalled TL770,100. Calculate the balance of finished goods as of July 31st. . For June 30th of 2017, Company X reported raw materials balance of TL20,000, WIP balance of TL25,000 and finished goods balance of TL40,000 in its balance sheet. During July; • Direct labor of TL250,000 and raw materials of TL350,900 was used. • TL360,000 worth of raw materials was purchased. Manufacturing overhead used (exclusive of indirect materials) was equal to 60% of direct labor costs. At the end of July, sales totalled TL1,246,000 and gross profit was 40% of the sales. COGS available for sale equalled TL770,100. Calculate the balance of finished goods as of July 31st. .

Answer rating: 100% (QA)

To calculate the balance of finished goods as of July 31st we need to determine the cost of goods manufactured during July which can be calculated as ... View the full answer