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Q-3) For June 30th of 2017, Company X reported raw materials balance of TL20,000, WIP balance...

Q-3) For June 30th of 2017, Company X reported raw materials balance of TL20,000, WIP balance of TL25,000 and finished goods balance of TL40,000 in its balance sheet. During July;

• Direct labor of TL257,000 and raw materials of TL350,300 was used.

  • TL360,000 worth of raw materials was purchased.
  • Manufacturing overhead used (exclusive of indirect materials) was equal to 60% of direct labor costs.

At the end of July, sales totalled TL1,247,000 and gross profit was 40% of the sales. COGS available for sale equalled TL770,600. Calculate the balance of finished goods as of July 31st.

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Answer #1
Cost of goods available for Sale= Beg. Balance of finished goods+Current year transfer from WIP
Cost of goods available for Sale= $770,600
Cost of goods sold $748,200
Balance on finished goods as of July, 31st $22,400

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