4.The financial records for the Lazer Manufacturing Company have been destroyed in aflood. The following information has been obtained from a separate set of books maintained bythe cost accountant. The cost accountant now asks for your assistance in computing the missingamounts.Required: Solve for each ?MDirect Materials InventoryWork In Process InventoryDr.Cr.Dr.Cr.BB8,000BB22,300TO?DM180,500 TO?TI?DL121,000MOH94,000EB9,700EB17,700Finished Goods InventoryDr.Cr.BB14,200?TO?TITI?EB?Cost of Goods SoldDr.Cr.402,800EB402,800

The objective of the question is to calculate the missing values in the financial records of Lazer…

Answered: 4. The financial records for the Lazer…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 41E

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The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $ 60,250 Finished Goods Inventory, Beginning 9,750 Finished Goods Inventory, Ending 6,600 Cost of Goods Sold ? Gross Margin 26,950 Direct Materials Used 10,450 Selling and Administrative Expense ? Operating Income 14,600 Work-in-Process Inventory, Beginning ? Work-in-Process Inventory, Ending 5,450 Direct Labor Used 9,225 Factory Overhead 12,300 Total Manufacturing Cost ? Cost of Goods Manufactured ? Cost of goods sold is calculated to be: Multiple Choice $32,300. $30,150. $27,300. $33,300. $38,300.
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