GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data. Cost of Goods Sold $ 393,000 Work-in-Process Inventory, Beginning 33,250 Work-in-Process Inventory, Ending 43,900 Selling and Administrative Expense 55,850 Finished Goods Inventory, Ending 16,950 Finished Goods Inventory, Beginning? Direct Materials Purchased 185,300 Factory Overhead Applied 131,500 Operating Income 29, 150 Direct Materials Inventory, Beginning 21,900 Direct Materials Inventory, Ending 6,650 Cost of Goods Manufactured 353,000 Direct Labor 64,750 The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use? Multiple Choice $131,500 $200, 550. $207,200 $224,150. $208,900.

GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data. Cost of Goods Sold $ 393,000 Work-in-Process Inventory, Beginning 33,250 Work-in-Process Inventory, Ending 43,900 Selling and Administrative Expense 55,850 Finished Goods Inventory, Ending 16,950 Finished Goods Inventory, Beginning? Direct Materials Purchased 185,300 Factory Overhead Applied 131,500 Operating Income 29, 150 Direct Materials Inventory, Beginning 21,900 Direct Materials Inventory, Ending 6,650 Cost of Goods Manufactured 353,000 Direct Labor 64,750 The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use? Multiple Choice $131,500 $200, 550. $207,200 $224,150. $208,900.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data. Cost of Goods Sold $ 384,000 Work-in-Process Inventory, Beginning 31,000 Work-in-Process Inventory, Ending 41,200 Selling and Administrative Expense 51,800 Finished Goods Inventory, Ending 15,600 Finished Goods Inventory, Beginning ? Direct Materials Purchased 175,400 Factory Overhead Applied 118,000 Operating Income 24,200 Direct Materials Inventory, Beginning 19,200 Direct Materials Inventory, Ending 6,200 Cost of Goods Manufactured 344,000 Direct Labor 58,000 The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use?
The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $ 58,000 Finished Goods Inventory, Beginning 9,000 Finished Goods Inventory, Ending 6,000 Cost of Goods Sold ? Gross Margin 25,000 Direct Materials Used 10,000 Selling and Administrative Expense ? Operating Income 14,000 Work-in-Process Inventory, Beginning ? Work-in-Process Inventory, Ending 5,000 Direct Labor Used 9,000 Factory Overhead 12,000 Total Manufacturing Cost ? Cost of Goods Manufactured ? Selling and administrative expenses are calculated to be: Multiple Choice $4,000. $9,000. $11,000. $12,000. $16,000.
The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $ 60,250 Finished Goods Inventory, Beginning 9,750 Finished Goods Inventory, Ending 6,600 Cost of Goods Sold ? Gross Margin 26,950 Direct Materials Used 10,450 Selling and Administrative Expense ? Operating Income 14,600 Work-in-Process Inventory, Beginning ? Work-in-Process Inventory, Ending 5,450 Direct Labor Used 9,225 Factory Overhead 12,300 Total Manufacturing Cost ? Cost of Goods Manufactured ? Cost of goods sold is calculated to be: Multiple Choice $32,300. $30,150. $27,300. $33,300. $38,300.
A series of computer and backup system failures caused the loss of most of the company records at Stotter, Incorporated. Information technology consultants for the company could recover only a few fragments of the company’s factory ledger for July as follows: Materials Inventory Debit Credit Beginning Balance (7/1) 136,000 228,000 Work-in-Process Inventory Debit Credit Beginning Balance (7/1) 23,000 Finished Goods Inventory Debit Credit Ending Balance (7/31) 93,900 2,190 Cost of Goods Sold Debit Credit Manufacturing Overhead Control Debit Credit 194,000 Accounts Payable (Materials) Debit Credit 184,900 39,200 Ending Balance (7/31) Further investigation and reconstruction from other sources yielded the following additional information: Based on records for January through June, overhead is applied at the rate of $24 per direct labor-hour. The production superintendent’s cost sheets showed only one job in Work-in-Process Inventory on July 31. Materials of $15,706 had been added to the…
The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $58,000 Finished Goods Inventory, Beginning 9,000 Finished Goods Inventory, Ending 6,000 Cost of Goods Sold Gross Margin 25,000 Direct Materials Used 10,000 Selling and Administrative Expense Operating Income Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending 14,000 5,000 Direct Labor Used 9,000 Factory Overhead 12,000 Total Manufacturing Cost Cost of Goods Manufactured Work in process inventory, beginning, is calculated to be:
Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Debit $ 79,000 Cash Accounts receivable Raw materials inventory 48,000 29,000 0 Work in process inventory Finished goods inventory Prepaid rent 9,000 3,000 Accounts payable $ 9,600 12,600 Notes payable Common stock 30,000 Retained earnings (prior year). 93,000 Sales 189,800 Cost of goods sold 102,000 Factory overhead 27,000 General and administrative expenses 38,000 Totals $ 335,000 $ 335,000 These six documents must be processed to bring the accounting records up to date. $ 4,800 direct materials to Job 402 $ 7,100 direct materials to Job 404 Materials requisition 10: Materials…
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit Credit Cash $ 68,000 Accounts receivable 37,000 Raw materials inventory 23,500 Work in process inventory 0 Finished goods inventory 6,000 Prepaid rent 2,000 Accounts payable $ 9,000 Notes payable 12,000 Common stock 20,000 Retained earnings (prior year) 94,000 Sales 169,500 Cost of goods sold 100,000 Factory overhead 27,000 General and administrative expenses 41,000 Totals $ 304,500 $ 304,500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: $ 4,600 direct materials to Job 402 Materials requisition 11: $ 7,200 direct materials to Job 404 Materials requisition 12: $ 1,500 indirect materials Labor time ticket 52: $ 5,000…
[The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Debit $ 76,000 Credit 45,000 27,500 Work in process inventory 0 Finished goods inventory 15,000 Prepaid rent 5,000 Accounts payable $ 9,000 Notes payable 12,000 Common stock 50,000 Retained earnings (prior year) 78,000 Sales 213,500 Cost of goods sold 116,000 Factory overhead 27,000 General and administrative 51,000 expenses $ Totals 362,500 362,500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials $ 4,500 direct materials to Job 402 $ 7,100 requisition 11: Materials requisition 12: Labor time ticket…
Bergo Bay's accounting system generated the following account balances on December 31. The company’s manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit Credit Cash $ 70,000 Accounts receivable 39,000 Raw materials inventory 24,500 Work in process inventory 0 Finished goods inventory 15,000 Prepaid rent 5,000 Accounts payable $ 11,800 Notes payable 14,800 Common stock 50,000 Retained earnings (prior year) 94,000 Sales 158,900 Cost of goods sold 112,000 Factory overhead 28,000 General and administrative expenses 36,000 Totals $ 329,500 $ 329,500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: $ 4,400 direct materials to Job 402 Materials requisition 11: $ 7,800 direct materials to Job 404…
Bergo Bay's accounting system generated the following account balances on December 31. The company’s manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit Credit Cash $ 70,000 Accounts receivable 39,000 Raw materials inventory 24,500 Work in process inventory 0 Finished goods inventory 15,000 Prepaid rent 5,000 Accounts payable $ 11,800 Notes payable 14,800 Common stock 50,000 Retained earnings (prior year) 94,000 Sales 158,900 Cost of goods sold 112,000 Factory overhead 28,000 General and administrative expenses 36,000 Totals $ 329,500 $ 329,500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: $ 4,400 direct materials to Job 402 Materials requisition 11: $ 7,800 direct materials to Job 404…
Bergo Bay's accounting system generated the following account balances on December 31. The company’s manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit Credit Cash $ 70,000 Accounts receivable 39,000 Raw materials inventory 24,500 Work in process inventory 0 Finished goods inventory 15,000 Prepaid rent 5,000 Accounts payable $ 11,800 Notes payable 14,800 Common stock 50,000 Retained earnings (prior year) 94,000 Sales 158,900 Cost of goods sold 112,000 Factory overhead 28,000 General and administrative expenses 36,000 Totals $ 329,500 $ 329,500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: $ 4,400 direct materials to Job 402 Materials requisition 11: $ 7,800 direct materials to Job 404…
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit Credit Cash $ 77,000 Accounts receivable 46,000 Raw materials inventory 28,000 Work in process inventory 0 Finished goods inventory 12,000 Prepaid rent 4,000 Accounts payable $ 8,600 Notes payable 11, 600 Common stock 40,000 Retained earnings (prior year) 79,000 Sales 203, 800 Cost of goods sold 113,000 Factory overhead 25,000 General and administrative expenses 38,000 Totals $ 343,000 $343,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: $ 4,200 direct materials to Job 402 Materials requisition 11: $ 7,900 direct materials to Job 404 Materials requisition 12: $ 2,400 indirect materials Labor time ticket 52: $ 7,000…