Problem 2-22 Name:
Enter the appropriate numbers/formulas in the shaded (gray) cells, or select from the drop-down list.
An asterisk (*) will appear in the column to the right of an incorrect answer.
A.
Beginning inventory in work in process 20,000$
Plus: Raw materials used in production* 118,000
Beginning inventory of raw materials 10,000$
Indirect labor 40,000$
Equipment maintenance 10,000
*Calculation of raw materials used in production:
Instructor
Cost of Goods Manufactured
**Calculation of manufacturing overhead:
B.
Beginning finished goods inventory 30,000$
C.
In alphabetical order,
D.
If raw materials and work in process inventories had decreased during the year:
Would the financial statements be different?
More raw materials would have been used than previously calculated.
Cost of Goods Sold
Yes