ACCOUNTING 221 Home Work 3- ACCT 221 HW 3 Questions and Answers: University of Maryland
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Course
Accounting
Institution
Accounting
Question 1 7 / 7 points
During FY 2016, Bravo Manufacturing had a beginning finished goods inventory of $250 & ending finished goods inventory of $1,000. Work-in-process decreased by $500 during FY 2016 and factory overhead was $2,000. The total manufacturing costs amounted to $48,000. Use this ...
tion 1 points
During FY 2016, Bravo Manufacturing had a beginning finished goods inventory of $250
& ending finished goods inventory of $1,000. Work-in-process decreased by $500 during
FY 2016 and factory overhead was $2,000. The total manufacturing costs amounted to
$48,000. Use this information to determine the FY 2016 dollar amount of: (Round dollar
values & enter as whole dollars only.)
1. Cost of Goods Manufactured
2. Cost of Goods Sold
Answer for blank # 1: $48,500 (50 %)
Answer for blank # 2: $47,750 (50 %)
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Answer:
1. Cost of Goods Manufactured $48,500
2. Cost of Goods Sold $47,750
Solution Notes:
Bravo Manufacturing
Schedule of WIP - (condensed)
For the Year Ended 12/31/16
WIP - 1/1/16 (set as delta amount BWIP unknown) $500
Total Manufacturing Cost 48,000
Total Costs in Manufacturing Process $48,500
WIP - 12/31/16 $0
Cost of Goods Manufactured $48,500
, Solution Notes:
Bravo Manufacturing
Schedule of COGS
For the Year Ended 12/31/16
FGI - 1/1/16 $250
Cost of Goods Manufactured 48,500
Goods Available for Sale $48,750
FGI - 12/31/16 1,000
Cost of Goods Sold $47,750
tion 2 points
During FY 2016 Bravo Manufacturing had total manufacturing costs are $520,000.
Their cost of goods manufactured for the year was $475,000. The January 1, 2017
balance of Work-in-Process Inventory is $60,000. Use this information to determine the
dollar amount of the FY 2016 beginning Work-in-Process Inventory. (Round dollar
values & enter as whole dollars only.)
Answer: $15,000
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Answer: $15,000
Solution Notes:
Bravo Manufacturing
, Schedule of WIP - (condensed)
For the Year Ended 12/31/16
WIP - 1/1/16 $15,000
Total Manufacturing Cost 520,000
Total Costs in Manufacturing Process $535,000
WIP - 12/31/16 60,000
Cost of Goods Manufactured $475,000
tion 3 points
Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January
1, 2017 finished goods inventory is $80,000. Cost of goods manufactured for the FY 2016
was $250,000. Use this information to determine the dollar amount of the FY 2016 cost
of goods sold. (Round dollar values & enter as whole dollars only.)
Answer: $270,000
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Answer: $270,000
Solution Notes:
Bravo Manufacturing
Schedule of COGS
For the Year Ended 12/31/16
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