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atroni [7]
3 years ago
15

The following information is available for Carter Corporation: Materials inventory decreased $4,000. Materials inventory on Dece

mber 31 was 50% of materials inventory on January 1. Beginning work in process inventory was $145,000. Ending finished goods inventory was $65,000. Purchases of direct materials were $154,700. Direct materials used were 2.5 times the cost of direct labor. Total manufacturing costs incurred were $246,400, which is 80% of cost of goods manufactured and $156,000 less than cost of goods sold. Note to students: The answers are not necessarily calculated in alphabetical order. a. Compute finished goods inventory on January 1.
Business
1 answer:
svetlana [45]3 years ago
6 0

Answer: $159,400

Explanation:

Finished goods inventory on January 1 is:

= Cost of goods sold + Ending finished goods inventory - Cost of goods manufactured

Cost of goods sold = Manufacturing cost + 156,000

= 246,400 + 156,000

= $402,400

Cost of goods manufactured = Manufacturing costs / 80%

= 246,400 / 80%

= $308,000

Finished goods inventory = 402,400 + 65,000 - 308,000

= $159,400

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Amanda Winter worked as a public engagement coordinator at Safe Food Alliance until three months ago when her manager, Laura Mor
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The major drawback of most fad diets is:
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3 years ago
Journalize the following transactions for Griffin Company. Assume a perpetual inventory system. Also, assume a constant gross pr
joja [24]

Answer:

1) October 1:

1.1

Debit Cost of Goods sold $3,600

Credit Merchandise $3,600

1.2

Debit Cash $6,000

Credit Revenue $6,000

2) October 7

2.1.

Debit Revenue $670

Credit Cash $670

2.2.

Debit Merchandise $402

Credit Cost of Goods sold $402

Explanation:

1. October 1: when sold goods, the company recorded Cost of Goods sold and revenue:

1.1

Debit Cost of Goods sold $3,600

Credit Merchandise $3,600

1.2

Debit Cash $6,000

Credit Revenue $6,000

2. October 7

The percentage of revenue that merchandise returned = $670/$6,000 = 11.17%

Assume a constant gross profit ratio for all items sold.

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2.1.

Debit Revenue $670

Credit Cash $670

2.2.

Debit Merchandise $402

Credit Cost of Goods sold $402

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3 years ago
Colicchio Corporation acquired two inventory items at a lump-sum cost of $60,000. The acquisition included 3,000 units of knife
zysi [14]

Answer:

Explanation:

X001 Sales volum = 3000*$20 = $60,000

X002 Sales volum = 3000*$10 = $30,000

Total $90,000

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Gross profit = Revenue $10,000 - Cost $6670 = $3330 in gross profit

8 0
3 years ago
Read 2 more answers
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