Gates Manufacturing reports based on an October 31 fiscal year. As a part of your interview for
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Question:
Gates Manufacturing reports based on an October 31 fiscal year. As a part of your interview for a cost analyst position, the interviewer provides you with the following information:
Direct materials purchases | $ 96,000 |
---|---|
Work-in-process inventory, November 1 | 53,000 |
Finished goods inventory, November 1 | 30,800 |
Finished goods inventory, October 31 | 31,800 |
Manufacturing overhead | 57,600 |
Cost of goods sold | 221,000 |
Direct labor | 30,400 |
Increase in work-in-process inventory | 28,000 |
Average sales price per unit | 20 |
Gross margin percentage | 35% |
Required:
Find the cost of goods manufactured.
Find the total manufacturing costs.
Find the direct materials used.
Find the sales revenue
Find the increase (decrease) in direct materials inventory.
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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