Question

In: Accounting

Gammer Electronics manufactures and sells a line of smartphonessmartphones. ​Unfortunately, GammaGamma Electronics suffered serious fire damage...

Gammer Electronics manufactures and sells a line of

smartphonessmartphones.

​Unfortunately,

GammaGamma

Electronics suffered serious fire damage at its home office. As a​ result, the accounting records for October were partially

destroyedlong dash—and

completely jumbled.

GammaGamma

Electronics has hired you to help figure out the missing pieces of the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials.

LOADING...

​(Click the icon to view the​ amounts.)

Requirement

Find the following​ amounts:

a.

Cost of Goods Sold in October

b.

Beginning Raw Materials Inventory

c.

Ending Finished Goods Inventory

a. Find the Cost of Goods Sold in October.

Determine the Cost of Goods Sold in October by completing the following table.

Cost of goods sold

Data Table

Revenues in October. . . . . . . . . . . . . . . . . . .

$27,600

Work in process inventory, October 31. . . . .

$1,700

Raw materials inventory, October 31. . . . .

$3,200

Direct labor in October. . . . . . . . . . . . . . . . .

$3,400

Manufacturing overhead in October. . . . . . .

$6,300

Work in process inventory, October 1. . . . . .

$0

Finished goods inventory, October 1. . . . . .

$4,900

Direct materials used in October. . . . . . . . .

$8,600

Gross profit in October. . . . . . . . . . . . . . . . .

$12,800

Purchases of direct materials in October. . .

$9,200

PrintDone

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

12) Cornerstone, Inc. has $125,000 of inventory that suffered minor smoke damage from a fire in...
12) Cornerstone, Inc. has $125,000 of inventory that suffered minor smoke damage from a fire in the warehouse. The company can sell the goods "as is" for $45,000; alternatively, the goods can be cleaned and shipped to the firm's outlet center at a cost of $23,000. There the goods could be sold for $80,000. What alternative is more desirable and what is the relevant cost for that alternative? A) Clean and ship to outlet center, $23,000. B) Clean and ship...
Fire Damage: A fire insurance company is interested in investigating the effect of the distance between...
Fire Damage: A fire insurance company is interested in investigating the effect of the distance between the burning house and the nearest fire station (miles) on the amount of fire damage (thousands of dollars) in major residential fire. A random sample of 15 recent fires in a suburb is selected. The data set can be found in the excel file Fire with variables name Distance and Damage. Source: McClave, J. & Sincich, T. (2015). Statistics. (12th edition). M. A.: Pearson....
A fire chief wants to relate the amount of fire damage in major residential fires to...
A fire chief wants to relate the amount of fire damage in major residential fires to the distance between the residence and the nearest fire station in order to get approval to add a fire station. The chief performs a study using a sample of fifteen recent fires in the town. The following table shows the result of the study. Distance in miles (x) Damage in thousands of dollars(y) 3.4 26.2 1.8 17.8 4.6 31.3 2.3 23.1 3.1 27.5 5.5...
Larry recently had a fire at his home. The fire caused about $20,000 of damage to...
Larry recently had a fire at his home. The fire caused about $20,000 of damage to the dwelling. The garage which was detached was valued at $15,000 was totally destroyed but did not have the car in it at the time of the fire. Replacement of Larry’s personal property damaged in the home and garage amounted to $16,500. In addition $500 in cash and a baseball card collection valued at $4,000 were destroyed. During the time the damages were being...
A fire insurance company wants to estimate the amount of fire damage in major residential fires...
A fire insurance company wants to estimate the amount of fire damage in major residential fires based on distance between the residence and the nearest fire station. The study is to be conducted in a large suburb of a major city, a sample of 16 recent fires in this suburb is selected. –Explanatory Variable (x): Distance –Response Variable (y): Damage Give a 95% Confidence Interval for slope. (  ,  )
A client has suffered damage to the anterior pituitary gland, reducing the ability to respond to...
A client has suffered damage to the anterior pituitary gland, reducing the ability to respond to increases in plasma osmolality. The nurse should monitor for what expected assessment findings? Select all that apply. A. A urine specific gravity of 1.000 B. A urine to serum osmolality of 1.5:1 C. An increase in body weight D. Increased thirst and fluid consumption E. Decreased urine output A middle-aged man with diabetes reports that he must strain to urinate, that his urine stream...
The roof of your corporation’s office building recently suffered some damage as the result of a...
The roof of your corporation’s office building recently suffered some damage as the result of a storm. You, the president of the corporation, are negotiating with a carpenter who has quoted two prices for the repair work: $600 if you pay in cash (“folding money”) and $700 if you pay by check. The carpenter observes that the IRS can more readily discover his receipt of a check. Thus, he hints that he will report the receipt of the check (but...
Waterbury Insurance Company wants to study the relationshipbetween the amount of fire damage and the...
Waterbury Insurance Company wants to study the relationship between the amount of fire damage and the distance between the burning house and the nearest fire station. This information will be used in setting rates for insurance coverage. For a sample of 30 claims for the last year, the director of the actuarial department determined the distance from the fire station (x) and the amount of fire damage, in thousands of dollars (y). The MegaStat output is reported below.ANOVA tableSourceSSdfMSFRegression1,864.578211,864.578238.83Residual1,344.49342848.0176Total3,209.071629Regression outputVariablesCoefficientsStd....
Having established duty, breach and damage, is the defendant liable for all the damages suffered? Discuss....
Having established duty, breach and damage, is the defendant liable for all the damages suffered? Discuss.
Having established duty, breach and damage, is the defendant liable for all the damages suffered? Discuss...
Having established duty, breach and damage, is the defendant liable for all the damages suffered? Discuss in 400 words.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT