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Phoenix [80]
2 years ago
5

Pina Colada Corp. gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per b

ooks, 8/31$30800 Deposits in transit1300 Notes receivable and interest collected by bank7500 Bank charge for check printing180 Outstanding checks17600 NSF check1500 The adjusted cash balance per books on August 31 is:
Business
1 answer:
myrzilka [38]2 years ago
4 0

Answer:

$36,620

Explanation:

The computation of the adjusted cash balance is shown below:

Adjusted cash balance = Cash balance as per books + Notes receivable and interest collected by bank - Bank charge for check printing - Outstanding checks

= $30,800 + $7,500 - $180 - $1,500

= $36,620

Hence, the adjusted cash balance is $36,620. By applying the above formula we can easily find out

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Direct materials cost                 $90,000

Direct labor                                  25,000

Factory overhead                        37,000

Work in process, March 1           22,000

Work in process, March 31        (23,500)

Cost of goods manufactured $150,500

b) Income Statement for the month ended March 31:

Sales                                                                    $257,000

Finished goods inventory, March 1    $21,000

Cost of goods manufactured             150,500

Finished goods inventory, March 31  (30,000)

Cost of goods sold                                              $141,500

Gross profit                                                          $115,500

Sales and administrative expenses                      79,000

Net Income                                                          $36,500

c) Inventory Section of the Balance Sheet as of March 31:

Current Assets:

Inventory:

Materials inventory, March 31              $8,000

Work in process, March 31                   23,500

Finished goods inventory, March 31   30,000

Total inventory                                    $61,500

Explanation:

a) Data and Calculations:

Purchases     $92,000

Materials inventory, March 1 6,000

Materials inventory, March 31 8,000

Direct labor 25,000

Factory overhead 37,000

Work in process, March 1 22,000

Work in process, March 31 23,500

Finished goods inventory, March 1 21,000

Finished goods inventory, March 31 30,000

Sales 257,000

Sales and administrative expenses 79,000

b) Materials inventory, March 1   $6,000

Purchases                                    92,000

Materials inventory, March 31       8,000

Direct materials cost                 $90,000

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