Use the Information Below to Calculate the Missing Amounts (Shown

question 76

Essay

Use the information below to calculate the missing amounts (shown by letters)in the Schedule of Cost of Goods Manufactured and the Schedule of Cost of Goods Sold.
$\begin{array}{c}\text {Newcastle Manufacturing Company }\\\text {Schedule of Cost of Goods Manufactured }\\\text {Month Ended January 31}\\\begin{array}{llr} \text { WIP Inventory, beginning balance } &&\$102,000\\ \text { Current period manufacturing costs } &\\ \text { Direct materials } &118,000\\ \text { Direct labor } & \text { A }\\ \text { Manufacturing overhead} &54,000\\ \text { Total current period manufacturing costs} && \text { B }\\ \text { Total cost of work in process} &&\$236,000\\ \text { WIP Inventory, ending balance } && \text { C }\\ \text { Cost of Goods Manufactured } &&\$232,000\\\end{array}\end{array}$

$\begin{array}{c} \text { Newcastle Manufacturing Company }\\ \text { Schedule of Cost of Goods Sold}\\ \text { Month Ended January 31}\\\begin{array}{llr} \text { Finished Goods Inventory, beginning balance } & \text {\$D } \\ \text { Cost of Goods Manufactured } & \text { E} \\ \text { Cost of Goods Available for Sale } &\$460,000\\ \text { Finished Goods Inventory, ending balance } & \text {F } \\ \text { Cost of Goods Sold } &\$259,300\\\end{array}\end{array}$

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Definitions:

Holdings

Holdings refer to the securities and assets owned by an investor or investment fund.

Sinking Funds

Sinking funds are reserve accounts set aside by an organization for the purpose of repaying debt or replacing assets in the future.

Bond Indentures

Legal documents specifying the terms and conditions under which a bond is issued, including the rights of bondholders and the duties of the issuer.

Lottery

A form of gambling involving the drawing of numbers at random for a prize, often regulated by governments.