Ch 16 - Inventory

Question 1

Direct Materials Inventory

Answer 1

Direct Materials Inventory

Beginning (Materials) Inventory xxx

\+ Purchases                                        xxx

\+ Freight In                                          xxx

= Direct Materials Available for Use xxxx (sum previous 3)

- Ending (M) Inventory                      <xxx></xxx>

= Direct Materials Used xxxx

Question 2

Work in Process Inventory

Answer 2

Work in Process Inventory

Beginning (WiP) Inventory xxx

\+ *Direct Materials Used*          xxx

\+ Direct Labor                         xxx

\+ Manufacturing Overhead    xxx

    Total Manufacturing Cost Incurred to Date     xxx    (sum previous 3)

Total Manufacturing Costs to Account for          xxx (sum all)

• Ending (WiP) Inventory <xxx></xxx>

= Cost of Goods Manufactured xxx

Question 3

Finished Goods Inventory

Answer 3

Finished Goods Inventory

Beginning (Finished Goods) Inventory xxx

\+ *Cost of Goods Manufactured*                    xxx

   = Cost of Goods Available for Sale           xxx (sum previous 2)

- Ending (FG) Inventory                                <xxx></xxx>

= Cost of Goods Sold xxx