16 seaside ventures began 2007 with 150 000 of raw material inventory 430 000 of wor 4352257

16.Seaside Ventures began 2007 with $150,000 of raw material inventory, $430,000 of work-in-process inventory, and $128,000 of finished goods inventory. During the year, Seaside purchased $700,000 of raw material and used $780,000 in production. Labor used in production during the year was $840,000. Overhead was $1,120,000. Cost of goods completed was $3,120,000 and cost of goods sold was $3,040,000.

Required:

Prepare a schedule to determine ending balances for raw material, work-in-process, and finished goods inventories.

17.The following inventory information is available for Niedermyer Company:

Units  Unit cost     Total cost

Beginning inventory1,000$72$ 72,000

April. 14 purchase2,00084168,000

April. 26 purchase2,00090180,000

Ending inventory500

Required:

Fill in the table below (assume periodic inventory method).

FIFOLIFOWeighted average

Ending inventory

Cost of goods sold

18.The following inventory information is available for Miami Lakes Company:

Units  Unit cost     Total cost

Beginning inventory20$16$  320

June  9 purchase100202,000

June 16 sale85

June 20 purchase100242,400

June 25 sale110

Required:

Using the perpetual method, fill in the table below. Round all unit costs to the nearest $.01.

FIFOLIFOWeighted average

Ending inventory

Cost of goods sold

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