Question

--Diy your nee applications without interruption, please renew by September 24, 2020 Buy Remind Me Later 7) Fill in the blanks - Inventory Craigco had the following information in their inventory system. Fill in the blanks. $10,000 $7,000 Work in process inventory, January 1 Raw Materials inventory January 1 Materials purchased in January Materials used in January Raw Materials, January 31 Work in process inventory, January 31 Finished Goods Inventory, January 1 $45,000 $5,000 $8,000 $185,000 Finished Goods Inventory, January 31 Direct Labour, January $50,000 Indirect Labour, January Manufacturing Overhead, January Revenue Gross Margin $15,000 $12,000 $185,000 $45,000 10 Focus o

Answer 1

Solution:

7000 43000 50000 5000 45000 Direct Materials Raw Materials Inventory, Beg Raw Material Purchases (45000-7000+5000) Raw Materials Available for Use Less: Raw Materials Inventory, End Direct Materials Used Direct Labor Manufacturing Overhead Manufacturing Overhead Indirect Labor Total Manufacturing Overhead Costs Total Manufacturing Cost Add: Work in Process inventory, Beg 50000 12000 15000 27000 122000 10000 132000 8000 124000 185000 Less: Work In Process Inventory, End Cost of Goods Manufactured Add: Finished Goods Inventory Beg Goods Available for Sale Less: Finished Goods Inventory End (309000-140000) Cost of Goods Sold 309000 169000 140000

Revenue Less: Gross Margin Cost of Goods Sold 185000 45000 140000

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