Homework Answers
Finding Value of Purchase:
We shall use the following formula of Cost of Goods sold to determine the value of Purchase.
Cost of Goods Sold = Opening Inventory + Purchases - Closing Inventory
$178,564,000 = $233,223,000 + Purchases - $272,462,000
Purchases = $178,564,000 - $233,223,000 + $272,462,000
Amount of Purchases = $217,803,000
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The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained From a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts Direct Materials Inventory Beg. Bal. 9,700 ? Transferred Out Purchases ? Cost of Goods Sold 74,000 Finished Goods Inventory Beg. Bal. Transferred Out End. Bal. 8,100 Work-in-Process Inventory Beg. Bal. 9,200 Transferred Out Materials...
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