Need for all three questions (Basic Concepts)Inventory Accounts The Balance Sheet (Example :output File presentation )

LO 2-4 2-20 Inventory Accounts - The Balance Sheet Direct Materials Inventory Beg. RM inventory + Purchases = Raw materials available for production - Ending RM inventory = Raw materials transferred to WIP Work-in-Process Inventory Beg. WIP inventory Finished Goods Inventory Beg. FG inventory + Direct materials transferred from raw materials + Cost of goods completed and transferred from WIP + Direct labor = Goods available for sale + Manufacturing overhead = Total manufacturing costs = Ending FG inventory = Ending WIP inventory - Cost of goods sold - Costs of goods completed and transferred to finished goods (or cost of goods manufactured) To the Income Statement 7/26/2016 Bookshelf Online: Fundamentals of Cost Accounting 2-41. Basic Concepts (LO 2-1, 2) The following data refer to one year for Monroe Fabricators. Fill in the blanks. Direct materials inventory, January 1 Direct materials inventory, December 31 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Purchases of direct materials Cost of goods manufactured during the year Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue $ 7,800 a. 8,100 11,400 5,700 900 48,300 163,350 b. 168,150 147,750 c. 43,800 41,400 d. 2-42. Basic Concepts (LO 2-1, 2) https://bookshelf.vitalsource.com/#/books/1260029468/cfi/6/26!/4/632/2@0:43.9 2/4 7/26/2016 Bookshelf Online: Fundamentals of Cost Accounting The following data refers to one month for Talmidge Company. Fill in the blanks. Page 70 https://bookshelf.vitalsource.com/#/books/1260029468/cfi/6/26!/4/632/2@0:43.9 3/4 \fDM + - W/P + + Beg. RM Inv Purchases Raw maretial available for production/use Ending Inv Raw maretial consumed/trnsfer to W/P + Beg. Inv Receeived from Material/DM transferred from raw material DL Prime Cost MOH = = Total Mfg Cost End W/P Inv Cost of Goods completed and Trnsfrd to FG Dept 12000 56000 68000 -10000 58000 58000 40000 98000 82000 180000 Conversion Cost 180000 -2000 178000 FG + = = Beg. Inv Cost of Goods completed and trnsfrd from W/P Goods Available for Sale Ending FG inv Cost of Good Sold 12000 178000 190000 -48000 142000