Determine the Missing Amount "X" for Each of the Following

question 95

Essay

Determine the missing amount "X" for each of the following: $\begin{array}{|rr|r|r|}\hline\text { Assets } && \text { Liabilities } & \text { Stockholders' Equity } \\\hline\text { (a) } & \$ 78,500 & \$ 37,600 & X \\\hline\text { (b) } & X & \$ 53,280 & \$ 145,000 \\\hline \text { c) } & \$ 49,500 & X & \$ 34,000\\\hline\end{array}$

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Definitions:

Work In Process Inventory

The value of partially completed goods or products that are in the process of being manufactured.

Perpetual Inventory System

The inventory system in which each purchase and sale of merchandise is recorded in the inventory account and related subsidiary ledger; therefore, the inventory records are updated continuously.

Conversion Cost

The combined cost of direct labor and manufacturing overheads which are incurred to convert raw materials into finished goods.

Direct Materials

Initial materials specifically allocated for the making of certain goods or provision of services.