I don’t understand last part, Finished goods inventory 3/31/2017
? Help me please 
Homework Answers
Ans. Revenues = $430,000
Gross margin = Revenue * 10%
= $430,000 *10%
= $43,000
Cost of goods sold = Revenue - Gross margin
= $430,000 - $43,000
= $387,000
*Cost of goods available for sale = Cost of goods manufactured + Finished goods inventory, 3/1/2017
= $270,000 + $120,000
= $390,000
*Finished goods inventory, 3/31/2017 = Cost of goods available for sale - Cost of goods sold
= $390,000 - $387,000
= $3,000
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I don’t understand last part, Finished goods inventory 3/31/2017
? Help me please
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The following information is available for Riverbed Company. January 1, 2017 2017 December 31, 20...
The following information is available for Riverbed
Company.
January 1, 2017
2017
December 31, 2017
Raw materials inventory
$25,160
$35,610
Work in process inventory
15,070
18,280
Finished goods inventory
27,770
23,410
Materials purchased
$154,800
Direct labor
223,070
Manufacturing overhead
182,060
Sales revenue
905,590
(a)
Compute cost of goods manufactured.
Riverbed Company
Cost of Goods Manufactured Schedule
Cost
of Goods ManufacturedDirect LaborDirect MaterialsDirect Materials
UsedManufacturing OverheadMaterials Available for UseRaw Materials
Inventory, 1/1Raw Materials Inventory, 12/31Materials
PurchasedTotal Cost of Work-in-ProcessTotal Manufacturing
CostsWork-in-Process,...
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Salamone Heaters' selected data for December 2017 are presented here (in millions): (Click the icon to...
Salamone Heaters' selected data for December 2017 are presented here (in millions): (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the cost of direct materials inventory 12/31/2017. Direct materials inventory 12/31/2017 Requirement 2. Calculate the fixed manufacturing overhead costs for December 2017 The fixed manufacturing overhead costs for December 2017 are $ . Requirement 3. Calculate the direct manufacturing labor costs for December 2017. Less: Direct manufacturing labor costs for December Requirement 4. Calculate the...
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$ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw...
$ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,892,000 37,000 54,300 64,100 151,800 248,000 20,900 49,000 5,250 52,000 90,000 134,000 46,300 45,100 69,280 Prepare its schedule of cost of goods manufactured for the current year...
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The following information is available for Riverbed
Company.
January 1, 2017
2017
December 31, 2017
Raw materials inventory
$25,160
$35,610
Work in process inventory
15,070
18,280
Finished goods inventory
27,770
23,410
Materials purchased
$154,800
Direct labor
223,070
Manufacturing overhead
182,060
Sales revenue
905,590
(a)
Compute cost of goods manufactured.
Riverbed Company
Cost of Goods Manufactured Schedule
Cost
of Goods ManufacturedDirect LaborDirect MaterialsDirect Materials
UsedManufacturing OverheadMaterials Available for UseRaw Materials
Inventory, 1/1Raw Materials Inventory, 12/31Materials
PurchasedTotal Cost of Work-in-ProcessTotal Manufacturing
CostsWork-in-Process,...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,500 32,900 5,800 December 31 (Ending) $ 25,200 28,800 7,000 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,900 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct...
Salamone Heaters' selected data for December 2017 are presented here (in millions): (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the cost of direct materials inventory 12/31/2017. Direct materials inventory 12/31/2017 Requirement 2. Calculate the fixed manufacturing overhead costs for December 2017 The fixed manufacturing overhead costs for December 2017 are $ . Requirement 3. Calculate the direct manufacturing labor costs for December 2017. Less: Direct manufacturing labor costs for December Requirement 4. Calculate the...
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