Theta Electronics manufactures and sells a line of music. Unfortunately, Theta Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyedand completely jumbled. Theta 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.
View the amounts.
Read the requirement.
Total manufacturing costs to account for
Ending work in process inventory
Cost of goods manufactured
Now determine the Ending Finished Goods Inventory.
tableBeginning finished goods inventoryCost of goods manufacturedCost of goods available for saleEnding finished goods inventoryCost of goods sold
Amounts
Revenues in October. $
Work in process inventory, October dots$
Raw materials inventory, October dotsdots
Direct labor in October $
Manufacturing overhead in October $
Work in process inventory, October $
Finished goods inventory, October $
Direct materials used in October $ $ $
Gross profit in October $
Purchases of direct materials in October $