Buildit, a start-up manufacturing company, had a bookkeeper who left suddenly, leaving rather incomplete accounting records for the last month of his employment. You have been hired to sort out the puzzle. Assume Buildit's raw materials inventory contains only direct materials. You have the following information available:
Find the following amounts:
A. Cost of goods sold in April.
B. Beginning raw materials inventory.
C. Ending finished goods inventory.
Definitions:
Temporary/Permanent
Categories used to distinguish assets, liabilities, and equity items based on their duration in financial statements; temporary items fluctuate regularly while permanent items typically remain constant over time.
Principal
The original sum of money borrowed in a loan, or the amount of the investment that is actually made.
Total Liabilities
The sum of all debts and financial obligations a company owes to outside parties, including loans, accounts payable, and bonds payable.
Owner's Equity
Indicates the total net worth of a company attributable to the owner or shareholders, reflecting the equity capital and retained earnings.
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