Determine each of the following missing amounts (Input all amounts as positive v

Question

Determine each of the following missing amounts (Input all amounts as positive values) Firm A Firm B Firm C 15,300 54,600 Beginning raw materials inventory Purchases of raw materials during the year Raw materials available for use Ending raw materials inventory Cost of raw materials used Direct labor costs incurred Variable manufacturing overhead applied Fixed manufacturing overhead applied Total manufacturing costs incurred Beginning work in process Ending work in process Cost of goods manufactured Sales Beginning finished goods inventory Cost of goods manufactured Cost of goods available for sale Ending finished goods inventory Cost of goods sold Gross profit Selling, general, and administrative expenses Income from operations 134,400 293,800 166,600 10,800 81,000 117,000 66,300 141,400 413,400 47,600 84,000 93,600 90,000 333,000 13,500 22,500 24,700 20,800 9,800 15,400 $ 372,400 $ 574,000 27,000 79,300 372,400 989,300 62,400 424,200 45,000 382,200 126,000 61,200 257,400 44,800 $ 115,700

Explanation / Answer

Firm A Firm B Firm C Beg raw materials inventory $15300 $32200 $54600 Purchases of raw materials 76500 134400 293800 Raw materials available for use 91800 166600 348400 Ending raw materials inventory 10800 25200 66300 Cost of raw materials used 81000 141400 282100 Direct labor costs 117000 105000 413400 Variable manufacturing overhead applied 45000 47600 93600 Fixed manufacturing overhead applied 90000 84000 117000 Total manufacturing costs incurred 333000 378000 906100 Beginning work in process 13500 9800 24700 Ending work in process 22500 15400 20800 Cost of goods manufactured $324000 $372400 $910000 Sales $432000 $574000 1184300 Beginning finished goods inventory 27000 51800 79300 Cost of goods manufactured 324000 372400 910000 Cost of goods available for sale 351000 424200 989300 Ending finished goods inventory 45000 42000 62400 Cost of goods sold 306000 382200 926900 Gross profit 126000 191800 257400 Selling, general and administrative expenses 61200 147000 141700 Income from operations 64800 44800 115700

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