Answer:
$30,220
Explanation:
Inventory purchased $299,000
Discount (299,000*2%) ($5,980)
Freight Charges $18,500
Inventory returned ($7,800)
Net purchases $303,720
Cost of goods sold=opening inventory+purchases-ending inventory
$335,000=$61,500+$303,720-ending inventory
Ending inventory=61,500+303,720-335,000
Ending inventory=$30,220
If you are looking for the adjusting entry at the end of the year, it would be:
Office Supplies Expense 5000 Office Supplies 5000
The amount to be recorded is 5000 because:
Beginning supplies is $240
Then there is an additional supplies $5,200
So there is a total of 5,440 supplies.
But the ending inventory is $440.
Deduct the $440 from the $5440 which will give us $5,000. This is to make sure that the amount in the journal entry at the end of the year will be same with the physical count of the supplies.
Answer:
$1,160,300
Explanation:
Total Manufacturing Costs are all costs related to the production of goods to be sold. This consists of direct costs such as labor and material and other indirect costs such as electricity and rentals.
<u>Calculation of total manufacturing costs :</u>
Cost of goods manufactured 1,030,300
Add Closing Work In Process 130,000
Less Beginning Work In Process 0
Total manufacturing costs $1,160,300
