Question

Value Electronics manufactures and sells a line of video. Unfortunately, Value Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. Value 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 (Click the icon to view the amounts) Requirement 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 Determine the cost of Goods Sold in October by completing the following table. Cost of goods sold b. Find the beginning Raw Materials Inventory Determine the beginning Raw Materials Inventory by completing the following table Beginning raw materials inventory Data Table Materials available for use c. Find the Ending Finished Goods inventory Before we can determine the missing amount for answer boxes. For accounts with a 50 balance Cost of Goods Manufacture Revenues in October Work in process inventory, October 31 Raw materials inventory, October 31 Direct labor in October 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 $ 27,600 $ 1,500 $ 3.500 $ 3.200 $ 6.000 $ 0 $ 4.400 $ 8.500 $ 12,600 $ 9.900 Total manufacturing costs to account for Print Cost of goods manufactured Now determine the Ending Finished Goods Invel Done Cost of goods available for sale Choose from any list or enter any number in the input fields and then continue to the next question

Answer 1

a)

Revenues in October	$27600
Cost of goods sold	15000
Gross profit	$12600

Cost of goods sold= Revenue-Gross profit

= $27600-12600= $15000

b)

Beginning raw materials inventory	$2100
Add: Purchases of direct materials in October	9900
Materials available for use	12000
Less: Ending raw materials inventory	3500
Direct materials used in October	$8500

Materials available for use= Direct materials used in October+Ending raw materials inventory

= $8500+3500= $12000

Beginning raw materials inventory= Materials available for use-Purchases of direct materials in October

= $12000-9900= $2100

c)

Beginning work in process inventory		$0
Direct materials used in October	8500
Direct labor in October	3200
Manufacturing overhead in October	6000	17700
Total manufacturing costs to account for		17700
Less: Ending work in process inventory		1500
Cost of goods manufactured		$16200

Beginning finished goods inventory	$4400
Add: Cost of goods manufactured	16200
Cost of goods available for sale	20600
Less: Ending finished goods inventory	5600
Cost of goods sold	$15000

Ending finished goods inventory= Cost of goods available for sale-Cost of goods sold

= $20600-15000= $5600

NOTE:- For any problem regarding the answer please ask in the comment section.