67% Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the missing figures. Income Statement Information Sales $1,500 Gross Margin Percentage 0% Inventory Information Raw Materials inventory, Jan I, 2022 $530 Purchases of raw materials during the year (Q15) Raw materials used in production during the year (Q16) Raw Materials inventory, Dec 31, 2022 S624 Work in Process inventory, Jan 1, 2022 S1,850 Raw materials used in production during the year (Q16) Direct Labor costs incurred during the year $202 Manufacturing Overhead costs incurred during the year S845 Cost of units completed during the year (Q17) Work in Process inventory, Dec 31, 2022 $2,100 Finished Goods inventory, Jan 1, 2022 (Q18) Cost of units completed during the year $1,214 Cost of units sold during the year Finished Goods inventory, Dec 31, 2022 $872 DI
67% Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the missing figures. Income Statement Information Sales $1,500 Gross Margin Percentage 0% Inventory Information Raw Materials inventory, Jan I, 2022 $530 Purchases of raw materials during the year (Q15) Raw materials used in production during the year (Q16) Raw Materials inventory, Dec 31, 2022 S624 Work in Process inventory, Jan 1, 2022 S1,850 Raw materials used in production during the year (Q16) Direct Labor costs incurred during the year $202 Manufacturing Overhead costs incurred during the year S845 Cost of units completed during the year (Q17) Work in Process inventory, Dec 31, 2022 $2,100 Finished Goods inventory, Jan 1, 2022 (Q18) Cost of units completed during the year $1,214 Cost of units sold during the year Finished Goods inventory, Dec 31, 2022 $872 DI
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 58E: Analyzing Inventory The recent financial statements of McLelland Clothing Inc. include the following...
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