Question

Of all the times this hard drive could crash, it had to be now. Linda cried. How can I finish the June financial reports w
(a 1) (1) Calculate the begininng finished goods. (Round answer to the nearest dollar amount, eg. 5,275.) Begininng finished
(6) Calculate the direct material used. (Round answer to the nearest dollar amount, e.g. 5,275.) Direct material used $ (7) C
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Answer #1
1 As per Given Data
The closing balance as on May End $                            1,90,000.00
Finished Goods 60% of the total Inventory $ 1,14,000.00 ($ 1,90,000*60%)
2 The Closing Direct material as on June end is $ 38,000
The direct material have increased @ 25% when compared to may
hence $ 38,000 is 125%
need To calculate 100% $                               30,400.00 (38000/125)*100
3 The WIP
Complete stock of inventory as on may end $                            1,90,000.00
Less: Finished Goods opening $                            1,14,000.00
Less: Direct Materials opening $                               30,400.00
Balance WIP opening $                               45,600.00
* WIP - Work in Progress
4 COGS FORMULAE
As per Given Data The company uses Mark up of 100% on cogs
The Total Bills $                            5,61,000.00 ( which is 200% (100+100% mark up)
COGS $                            2,80,500.00 (561000/200)*100
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