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Sales Blank 1. Fill in the blank, read surrounding text.

Beginning inventory, raw material Blank 2. Fill in the blank, read surrounding text.
Ending inventory, raw material 170,000
Purchases of raw material 200,000
Direct material used 140,000
Direct labor Blank 3. Fill in the blank, read surrounding text.
Manufacturing overhead 550,000
Total manufacturing costs 1,040,000
Beginning inventory, work in process 70,000
Ending inventory, work in process Blank 4. Fill in the blank, read surrounding text.

Cost of goods manufactured 1,050,000
Beginning inventory, finished goods 100,000
Cost of goods available for sale Blank 5. Fill in the blank, read surrounding text.

Ending inventory, finished goods Blank 6. Fill in the blank, read surrounding text.

Cost of goods sold 1,090,000
Gross margin 510,000
Selling and administrative expenses Blank 7. Fill in the blank, read surrounding text.

Operating income 300,000

Respuesta :

anthougo

Filling in the blanks is as follows:

Blank 1: Sales = Cost of goods sold + Gross margin

= $1,600,000 ($1,090,000 + $510,000)

Blank 2: Beginning inventory, raw material = (Ending inventory, raw materials +Direct materials used - Purchases of raw materials)

= $110,000 ($170,000 + $140,000 - $200,000)

Blank 3: Direct labor = Total manufacturing cost - (Direct materials + Manufacturing Overhead)

= $350,000 ($1,040,000 - ($140,000 + $550,000)

Blank 4: Ending inventory of WIP = Beginning WIP + Total manufacturing cost - Cost of goods manufactured

= $60,000 ($70,000 + $1,040,000 - 1,050,000)

Blank 5: Cost of goods available for sale = $1,150,000 ($1,050,000 + $100,000)

Blank 6: Ending inventory, finished goods = Cost of goods available for sale - Cost of goods sold

= $60,000 ($1,150,000 - $1,090,000

Blank 7: Selling and administrative expenses = Gross margin - operating income

= $210,000 ($510,000 - $300,000)

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