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:

Rationalization

is the process of replacing traditional and emotional thought with reason and practicality, often in organizational and societal contexts.

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The feeling of having insufficient time to accomplish one's tasks or enjoy leisure activities.

Subculture

An ensemble within a more extensive culture, characterized by unique or contrasting beliefs and preferences relative to the predominant cultural patterns.

Beliefs

Convictions or acceptances that certain things are true or real, often held without immediate empirical evidence.