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Question
All applicable Cases are available with McGraw-Hill’s Connect™ Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts: Firm A Firm B Firm C Beginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000 Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000 Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ? Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000 Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ? Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000 Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000 Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ? Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ? Beginning work in process. . . . . . . . . . . . . . . . . . . . . . . 15,000 7,000 19,000 Ending work in process . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 11,000 16,000 Cost of goods manufactured . . . . . . . . . . . . . . . . . . . . . $ ? 266,000 $ ? Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ? 410,000 $ ? Beginning fi nished goods inventory . . . . . . . . . . . . . . . . $ 30,000 ? 61,000 Cost of goods manufactured . . . . . . . . . . . . . . . . . . . . . ? 266,000 ? Cost of goods available for sale . . . . . . . . . . . . . . . . . . . ? 303,000 761,000 Ending fi nished goods inventory . . . . . . . . . . . . . . . . . . 50,000 ? 48,000 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? 273,000 ? Gross profi t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,000 ? 198,000 Selling, general, and administrative expenses . . . . . . . . 68,000 ? ? Income from operations. . . . . . . . . . . . . . . . . . . . . . . . . $ ? 32,000 $ 89,000

Question

All applicable Cases are available with McGraw-Hill’s Connect™ Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts: Firm A Firm B Firm C Beginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000 Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000 Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ? Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000 Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ? Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000 Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000 Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ? Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ? Beginning work in process. . . . . . . . . . . . . . . . . . . . . . . 15,000 7,000 19,000 Ending work in process . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 11,000 16,000 Cost of goods manufactured . . . . . . . . . . . . . . . . . . . . . $ ? 266,000 $ ? Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ? 410,000 $ ? Beginning fi nished goods inventory . . . . . . . . . . . . . . . . $ 30,000 ? 61,000 Cost of goods manufactured . . . . . . . . . . . . . . . . . . . . . ? 266,000 ? Cost of goods available for sale . . . . . . . . . . . . . . . . . . . ? 303,000 761,000 Ending fi nished goods inventory . . . . . . . . . . . . . . . . . . 50,000 ? 48,000 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? 273,000 ? Gross profi t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,000 ? 198,000 Selling, general, and administrative expenses . . . . . . . . 68,000 ? ? Income from operations. . . . . . . . . . . . . . . . . . . . . . . . . $ ? 32,000 $ 89,000

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