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wk 3 written assigment Ch18_Case1

# wk 3 written assigment Ch18_Case1 - Decision Case 1(p 938 1...

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Unformatted text preview: Decision Case 1 (p 938) 1 Power Switch Inventory Reconstruction Schedule (Amounts in thousands) Direct Materials Inventory Work in Process Inventory Finished Goods Inven Beginning inventory \$113,000 Beginning inventory \$229,000 Beginning inventory \$476,000 + Direct materials used \$446,000 + Direct labor \$505,000 + Manufacturing overhead \$245,000 \$1,196,000 \$589,000 \$1,425,000- Ending inventory (\$143,000)- Ending inventory (\$239,000)- Ending inventory = Direct materials used \$446,000 = Cost of goods manufactured \$1,186,000 = Cost of goods sold Key Given in black + Purchase and freight in + cost of goods manufactured Total manufacturing costs incurred during the year = Direct materials available for use = Total manufacturing costs to account for = cost of goods available for sale Basic math in Blue Tranfered over for a category in Purple (a) Cost of good sold: Given was 1.7 mill in slaes and gross profit of 30% 1,700,000 x .30 = \$510,000.00 Gross profit Profit minus the sales eqales the goods sold 1,700,000 - 510,000 = \$1,190,000 Good were sold (b) Ending finished goods inventory:- Beinging inventory = \$1,340,000 - \$154,000 = \$1,186,000 Cost of goods sold- cost of goods available for sale = \$1,190,000 - \$1,340,000 = (\$150,000) (c) Cost of goods manufactured: (d) Ending work in process inventory:- Beginning inventory = \$1,425,000- \$229,000 = \$1,196,000- = Direct materials used...
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wk 3 written assigment Ch18_Case1 - Decision Case 1(p 938 1...

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