I don’t understand last part, Finished goods inventory 3/31/2017
? Help me please 
Homework Answers
Ans. Revenues = $430,000
Gross margin = Revenue * 10%
= $430,000 *10%
= $43,000
Cost of goods sold = Revenue - Gross margin
= $430,000 - $43,000
= $387,000
*Cost of goods available for sale = Cost of goods manufactured + Finished goods inventory, 3/1/2017
= $270,000 + $120,000
= $390,000
*Finished goods inventory, 3/31/2017 = Cost of goods available for sale - Cost of goods sold
= $390,000 - $387,000
= $3,000
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I don’t understand last part, Finished goods inventory 3/31/2017
? Help me please
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The following information is available for Riverbed Company. January 1, 2017 2017 December 31, 20...
The following information is available for Riverbed
Company.
January 1, 2017
2017
December 31, 2017
Raw materials inventory
$25,160
$35,610
Work in process inventory
15,070
18,280
Finished goods inventory
27,770
23,410
Materials purchased
$154,800
Direct labor
223,070
Manufacturing overhead
182,060
Sales revenue
905,590
(a)
Compute cost of goods manufactured.
Riverbed Company
Cost of Goods Manufactured Schedule
Cost
of Goods ManufacturedDirect LaborDirect MaterialsDirect Materials
UsedManufacturing OverheadMaterials Available for UseRaw Materials
Inventory, 1/1Raw Materials Inventory, 12/31Materials
PurchasedTotal Cost of Work-in-ProcessTotal Manufacturing
CostsWork-in-Process,...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished...
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Salamone Heaters' selected data for December 2017 are presented here (in millions): (Click the icon to...
Salamone Heaters' selected data for December 2017 are presented here (in millions): (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the cost of direct materials inventory 12/31/2017. Direct materials inventory 12/31/2017 Requirement 2. Calculate the fixed manufacturing overhead costs for December 2017 The fixed manufacturing overhead costs for December 2017 are $ . Requirement 3. Calculate the direct manufacturing labor costs for December 2017. Less: Direct manufacturing labor costs for December Requirement 4. Calculate the...
If net operating income was $50,000 Then the beginning finished goods inventory was howmuch? Use the...
If net operating income was $50,000
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$ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw...
$ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,892,000 37,000 54,300 64,100 151,800 248,000 20,900 49,000 5,250 52,000 90,000 134,000 46,300 45,100 69,280 Prepare its schedule of cost of goods manufactured for the current year...
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January 1, 2017 2017 December 31, 2017 Raw materials inventory $24.630 $32,120 Work in process inventory 17,070 18,650 29,770 22,440 Finished goods inventory Materials purchased $154,230 Direct labor 223.580 Manufacturing overhead 183.680 901,360 Sales revenue Compute cost of goods manufactured. Sheffield Company Cost of Goods Manufactured Schedule Raw Materials Inventory, 12/31
Transferred to finished goods in August Inventory in process, August 31 Total units to be assigned costs Cost Information Costs per equivalent unit: Total costs for August in Roasting Department Total equivalent units Cost per equivalent unit (2) Costs assigned to production: Direct Inventory in process, August 1 Costs incurred in August Total costs accounted for by the Roasting Department Costs allocated to completed and partially completed units: Inventory in process, August 1 balance To complete inventory in process, August...
The following information is available for Riverbed
Company.
January 1, 2017
2017
December 31, 2017
Raw materials inventory
$25,160
$35,610
Work in process inventory
15,070
18,280
Finished goods inventory
27,770
23,410
Materials purchased
$154,800
Direct labor
223,070
Manufacturing overhead
182,060
Sales revenue
905,590
(a)
Compute cost of goods manufactured.
Riverbed Company
Cost of Goods Manufactured Schedule
Cost
of Goods ManufacturedDirect LaborDirect MaterialsDirect Materials
UsedManufacturing OverheadMaterials Available for UseRaw Materials
Inventory, 1/1Raw Materials Inventory, 12/31Materials
PurchasedTotal Cost of Work-in-ProcessTotal Manufacturing
CostsWork-in-Process,...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,500 32,900 5,800 December 31 (Ending) $ 25,200 28,800 7,000 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,900 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct...
Salamone Heaters' selected data for December 2017 are presented here (in millions): (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the cost of direct materials inventory 12/31/2017. Direct materials inventory 12/31/2017 Requirement 2. Calculate the fixed manufacturing overhead costs for December 2017 The fixed manufacturing overhead costs for December 2017 are $ . Requirement 3. Calculate the direct manufacturing labor costs for December 2017. Less: Direct manufacturing labor costs for December Requirement 4. Calculate the...
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Then the beginning finished goods inventory was howmuch?
Use the following to answer the next two questions The Argyle Company has provided the following data for the month of November: Inventories November / November 30 Direct materials $15,000 Work in process .......... 12,000 10,000 Finished goods 7,000 $? Additional Data: Sales revenue $100,000 Direct labor costs 8,000 Manufacturing overhead costs ......... 10,000 Selling expenses .. 12,000 Administrative expenses .................. 13,000 Cost of goods manufactured...
$ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,892,000 37,000 54,300 64,100 151,800 248,000 20,900 49,000 5,250 52,000 90,000 134,000 46,300 45,100 69,280 Prepare its schedule of cost of goods manufactured for the current year...
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