Question

Score: 0 of 1 pt 9 of 10 (8 complete) HW Score: 38.32%, 3.83 of 10 pts E2-23A (similar to) Question Help Smooth Electronics manufactures and sells a line of smartphones. Unfortunately, EClick the icon to view the amounts.) Smooth Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. Requirement Smooth Electronics has hired you to help figure out the missing pieces of the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials Find the following amounts: a. Cost of Goods Sold in October b. Beginning Raw Materials Inventory c. Ending Finished Goods Inventory a. Find the Cost of Goods Sold in October Data Table Determine the Cost of Goods Sold in October by completing the following table Cost of goods sold Work in process inventory, October 31 Raw materials inventory, October 31 r31$1,400 $ 3,800 Manufacturing overhead in October.. Work in process inventory, October 1 Finished goods inventory, October 1 Direct materials used in October . Gross profit in October Purchases of direct materials in October $ 4,500 $8,200 $ 12,500 $9,300 Choose from any list or enter any number in the input fields and then click Che Print Done parts

Answer 1

Answer:

A)

Cost of good Sold = Revenue - Gross Profit

Revenue =$ 27,600

Gross Profit =$ 12,500

Cost of Goods Sold = 27600-12,500

= $15,100

B)Calculate beginning raw material inventory :	Units
Dirct material used	8,200
Add: Ending direct material inventory	3,800
Material available for use	12,000
Material purchase	9,300
Beginning direct material inventory (12,000-9,300)	2,700

C) Find ending finished goods inventory :
	Amount($)	Amount($)
Beginning work in process		-
Direct material cost	8,200
Direct labour	3,500
Manufacturing overhead	6,400	18,100
Total manufacturing cost accounted for		18,100
Less: Ending work in process		-1,400
Cost of goods manufactured		16,700
Add: Beginning finished goods inventory		4,500
Total goods available for sale		21,200
Less: Cost of goods sold (27,600-12,500)		-15,100
Ending finished goods inventory		6,100
so ending finished goods inventory $6,100