Using the following information find the unknown amounts. Assume each set of information is an independent case.
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Using the following information find the unknown amounts. Assume each set of information is an independent case.
a. | Merchandise Inventory | Purchases | $250,000 |
Cost of goods sold | 250,000 | ||
Beginning balance | 30,000 | ||
Ending balance | ? | ||
b. | Direct Materials | Beginning balance | $5,000 |
Ending balance | 16,000 | ||
Purchases | 55,000 | ||
Direct materials used | ? | ||
c. | Work-in-process Inventory | Ending balance | $25,000 |
Cost of goods manufactured | 23,000 | ||
Beginning balance | 7,000 | ||
Current manufacturing costs | ? | ||
d. | Finished Goods Inventory | Cost of goods manufactured | $65,000 |
Ending balance | 22,000 | ||
Cost of goods sold | 55,000 | ||
Beginning balance | ? |
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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