Swift Electronics manufactures and sells smartphones. Unfortunately, the company recently suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. Swift has hired you to help figure out the missing pieces of the accounting puzzle. Assume that Swift Electronics’

Raw Materials Inventory contains only direct materials.

Work in process inventory, October 31 ……………………………………………………………. $ 1,900

Finished goods inventory, October 1 ………………………………………………………………. $ 4,300

Direct labor in October ………………………………………………………………………………….. $ 3,300

Purchases of direct materials in October …………………………………………………………. $ 9,700

Work in process inventory, October 1 ………………………………………………………………………. 0

Revenues in October ………………………………………………………………………………….. $ 27,500

Gross profit in October ………………………………………………………………………………… $ 12,700

Direct materials used in October …………………………………………………………………….. $ 8,800

Raw materials inventory, October 31 ………………………………………………………………. $ 3,200

Manufacturing overhead in October ………………………………………………………………… $ 6,300

Requirement

Find the following amounts:

a. Cost of Goods Sold in October

b. Beginning Raw Materials Inventory

c. Ending Finished Goods Inventory



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *