Determine the Cost of Goods Sold in October by completing the following table.
|
Revenues |
$27,100 |
|
Cost of goods sold |
14,300 |
|
Gross Profit |
$12,800 |
b. Find the beginning Raw Materials Inventory.
Determine the beginning Raw Materials Inventory by completing the following table.
|
Revenues in October. . . . . . . . . . . . . . . . . . . |
$27,100 |
|
Work in process inventory, October 31. . . . . |
$1,000 |
|
Raw materials inventory, October 31. . . . . |
$3,100 |
|
Direct labor in October. . . . . . . . . . . . . . . . . |
$3,200 |
|
Manufacturing overhead in October. . . . . . . |
$6,400 |
|
Work in process inventory, October 1. . . . . . |
$0 |
|
Finished goods inventory, October 1. . . . . . |
$4,400 |
|
Direct materials used in October. . . . . . . . . |
$8,300 |
|
Gross profit in October. . . . . . . . . . . . . . . . . |
$12,800 |
|
Purchases of direct materials in October. . . |
$9,900 |
Homework Answers
| Beginning raw materials inventory ( 11400 - 9900 ) | 1500 |
| (+) Purchase of raw materials | 9900 |
| Materials available for use ( 3100 + 8300 ) | 11400 |
| (-) Ending raw materials inventory | 3100 |
| Raw materials used | 8300 |
Add Answer to:
Determine the Cost of Goods Sold in October by completing the
following table.
Revenues
$27,100
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