Question

Homework: HW #1 -Chapter 2 Save Score: 0.29 of 1 pt 10 of 10 (10 complete) HW Score: 45.76%, 4.58 of 10 pts (%) P2-43A (similar to) Question Help Ideal Displays designs and manufactures displays used in mobile devices. Serious flooding throughout the region affectedThe beginning inventory numbers are as follows: Ideal Displays facilities, Inventory was completely ruined, and the company's computer system, indluding all accounting records, was destroyed EEB (Click the icon to view beginning inventory numbers.) (Click the loon to view additional information.) Requirement Determine the ending inventories of raw materials, work in process, and finished goods, Assume that Raw Materials Inventory contains only direct materials Calculation of Direct Materials Used Data Table For Current Year Beginning raw materials inventory Plus: Purchases of direct materials Direct materials avai lable for use Less: Ending raw materials inventory Direct materials used Next, determine the ending inventory of work in process by calculating the cost of goods manufactured. S 94,000 530,000 624,000 77,000 S 547,000 Raw materials, $94,000 .Work in process, $206,000 Finished goods, $218,000 He remembers several schedules he leamed in college that may help him get started More Info Ideal Displays Calculation of Cost of Goods Manufactured For Current Year Before the disaster recovery speciaists clean the buildings, Agatha Calhoun, the company controller, is anxious to salvage whatever records she can to support an insurance claim for the destroyed inventory. She is standing in what is left of the Accounting Department wtih Tad Mitton, the cost accountant. Plus "I didn't know mud could smell so bad," Tad says. "What should I be looking for?" "Don't worry about beginning inventory numbers," responds Agatha. e'll get them from last year's annual report. We need first-quarter cost data. "I was working on the first-quarter results just before the storm hit, Tad says. "Look, my report's still in my desk drawer. But all can make out is that for the first quarter, material purchases were $530,000 and that direct labor, manufacturing overhead (other than indirect materials), and total manufacturing costs to account for were $531,000; $208,000; and $1,492,000, respectively. Wait, and cost of goods available for sale was $1,270,000 Less: "Great, says Agatha, "1 remember that sales for the period were approximately $1.7 million. Given our gross profit of 30%, that's al you should need." Tad is not sure about that, but decides to see what he can do with this information Choose from any list or enter any number in the input fields and then click Check Answer.

Answer 1

Cost of goods manufactured=Beginning work in process+manufacturing cost incurred during period-closing work in process