Question

Managerial Accounting Jamie Poepoe 1/15/19 1:37 AM Homework: Chapter 2 Homework Save Score: 0.94 of 1 pt 6 of 8 (8 complete)> Hw Score: 97.6%, 7.81 of 8 pts P2-43A (similar to) Data Table Super Displays designs and manufactures displays used in mobile devices. Serious flooding throughout the region he beginning in affected Super Displays' facilities. Inventory was completely ruined, and the company's computer system, including all EEE (Click the icon to accounting records, was destroyed. Raw materials, $103,000 .Work in process, S200,000 .Finished goods, $187,000 He remembers several schedules he learned in college that may help him get (Click the icon to view additional information.) Requirement Determine the ending Inventory contains Next, determine the ending inventory of work in process by calculating the cost of goods m started. More Info Super Displays Calculation of Cost of Goods Manufactured For Current Year Print Done Before the disaster recovery s controller, is anxious to salvage destroyed inventory. She is standing in what is left of the Accounting Department wth Todd Mackey, the cost accountant. Beginning work in process inventory 200000 Plus: Manufacturing costs incurred 523000 I didn't know mud could smell so bad," Todd says. "What should I be looking for? Direct labor Don't worry about beginning inventory numbers," responds Eleanor. "We'll get them from last year's annual report. We need first-quarter cost data." Direct materials used 584000 208000 1515000 Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured I was working on the first-quarter results just before the storm hit," Todd says. "Look, my report's still in my desk drawer. But all I can make out is that for the first quarter, material purchases were $537,000 and that direct labor, manufacturing overhead (other than indirect materials), and total manufacturing costs to account for were $523,000; $208,000; and 1,515,000, respectively. Wait, and cost of goods available for sale was $1,515,000. "Great," says Eleanor. "I remember that sales for the period were approximately $1.9 million. Given our gross profit of 25%, that's all you should need." Todd is not sure about that, but decides to see what he can do with this information. Choose from any list or enter any number in the input fields and then click Check Answer part remaining heck Answer Print Done

Answer 1

Cost of goods manufactured= beginning work in process+ total manufactured cost incurred in current period - closing work in process

Cost of goods available for sale = beginning finished goods +cost of goods manufactured

Cost of goods sold= cost of goods available for sale- ending finished goods

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