Question

The Devon Motor Company produces automobiles. On April 1st the company had no beginning inventories and...

The Devon Motor Company produces automobiles. On April 1st the company had no beginning inventories and it purchased 7,280 batteries at a cost of $140 per battery. It withdrew 6,700 batteries from the storeroom during the month. Of these, 100 were used to replace batteries in cars being used by the company’s traveling sales staff. The remaining 6,600 batteries withdrawn from the storeroom were placed in cars being produced by the company. Of the cars in production during April, 90 percent were completed and transferred from work in process to finished goods. Of the cars completed during the month, 30 percent were unsold on April 30th.

Find:

1. Raw Material

2. Work in Process

3. Finished Goods

4. Cost of Good Sold

5. Selling Expense

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Answer #1

Solution

Name of account
Raw material $       81,200.00
Work in process $       92,400.00
Finished goods $   2,49,480.00
Cost of goods sold $   5,82,120.00
Selling expenses $       14,000.00

Working

Raw material Work in process Finished goods Cost of goods sold Selling expenses
Batteries purchased 7280
Transferred to production and sales department -6700 6600 100
Balance 580 6600 0 0 100
Transferred to finished goods -5940 5940
Balance 580 660 5940 0 100
Transferred to cost of goods sold -4158 4158
Final Balance 580 660 1782 4158 100
Cost per battery $             140.00 $        140.00 $            140.00 $               140.00 $        140.00
Total cost assigned $       81,200.00 $ 92,400.00 $   2,49,480.00 $     5,82,120.00 $ 14,000.00
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