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In: Accounting

Conrad, Inc. recently lost a portion of its records in an office fire. The following information...

Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records.

Cost of Goods Sold $ 74,500
Work-in-Process Inventory, Beginning 14,300
Work-in-Process Inventory, Ending 10,900
Selling and Administrative Expense 19,750
Finished Goods Inventory, Ending 20,225
Finished Goods Inventory, Beginning ?
Direct Materials Used ?
Factory Overhead Applied 13,900
Operating Income 15,045
Direct Materials Inventory, Beginning 11,855
Direct Materials Inventory, Ending 6,665
Cost of Goods Manufactured 68,930

Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day.

What is the amount of net sales?

Solutions

Expert Solution

Sales = $109,295

Working

Other answers are .

Finished Goods Inventory, Beginning $25,795
Direct Materials Used $30,780

.

Income statement
Sales revenue (balancing figure) $ 109,295
Less: Cost of goods sold $ 74,500
Gross profit $ 34,795
Selling and administrative expenses $19,750
Net income $ 15,045

ekkarill92 answered 2 years ago
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