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What is the amount of cost incurred in the 2nd processing department during January?

[tex]\[
\begin{tabular}{|c|c|c|}
\hline \multirow[b]{2}{*}{Beginning Balance} & \multicolumn{2}{|c|}{\begin{tabular}{l}
Work in Process \\
3rd Department
\end{tabular}} \\
\hline & $?$ & 700,000 \\
\hline Transfer from 2nd Dept. & $1,000,000$ & \\
\hline January costs & $200,000$ & \\
\hline Total Debits & $1,300,000$ & 700,000 \\
\hline Ending Balance & $600,000$ & \\
\hline
\end{tabular}
\][/tex]

What was the beginning balance in the 3rd processing department?

[tex]\[
\gg\ \textgreater \ \ \textgreater \ \, ?
\][/tex]

If beginning finished goods inventory contained \[tex]$200,000, and ending finished goods inventory contained \$[/tex]300,000, how much is cost of goods sold?

[tex]\[ ? \][/tex]

Sagot :

GinnyAnswer
Sure, let's break down the solution step by step.

### Part 1: Beginning Balance in the 3rd Processing Department
First, let's find the beginning balance in the 3rd processing department using the given data.

We have the following information:

- Transfer from 2nd Department: [tex]$1,000,000 - January costs: $[/tex]200,000
- Total Debits: [tex]$1,300,000 - Ending Balance: $[/tex]600,000

We know that:
[tex]\[ \text{Total Debits} = \text{Beginning Balance} + \text{Transfers from 2nd Dept.} + \text{January Costs} \][/tex]

From the given data:
[tex]\[ 1,300,000 = \text{Beginning Balance} + 1,000,000 + 200,000 \][/tex]

Solving for the beginning balance:
[tex]\[ \text{Beginning Balance} = 1,300,000 - 1,000,000 - 200,000 \][/tex]
[tex]\[ \text{Beginning Balance} = 100,000 \][/tex]

So, the beginning balance in the 3rd processing department is [tex]$100,000. ### Part 2: Cost of Goods Sold (COGS) We also need to find the Cost of Goods Sold (COGS) given the inventory information. We have the following information: - Beginning Inventory of Finished Goods: $[/tex]200,000
- Ending Inventory of Finished Goods: [tex]$300,000 - Goods Manufactured: $[/tex]800,000 (assumed to be part of the given data)

The formula for COGS is:
[tex]\[ \text{COGS} = \text{Beginning Inventory} + \text{Goods Manufactured} - \text{Ending Inventory} \][/tex]

Plugging the values into the formula:
[tex]\[ \text{COGS} = 200,000 + 800,000 - 300,000 \][/tex]
[tex]\[ \text{COGS} = 700,000 \][/tex]

So, the Cost of Goods Sold (COGS) is [tex]$700,000. ### Summary - The beginning balance in the 3rd processing department is $[/tex]100,000.
- The Cost of Goods Sold (COGS) is $700,000.
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