Aquasure manufactures boats. During September 2019, the company purchased 100 cellular phones at a cost of $150 each. Aquasure withdrew 70 phones from the warehouse during the month. Twenty of these phones were installed in salesmen's cars and the remaining 50 phones were put in boats manufactured during the month.
Of the boats put into production during September 2019, 80% were completed and transferred to the company's storage lot. 50% of the boats completed during the month were sold by 30 September.
Instructions: Determine the cost of cellular phones that would appear in each of the following accounts at 30 September 2019:
Raw materials inventory
Work in process inventory
Finished goods inventory
Cost of sales
Selling expenses

Question

Aquasure manufactures boats. During September 2019, the company purchased 100 cellular phones at a cost of $150 each. Aquasure withdrew 70 phones from the warehouse during the month. Twenty of these phones were installed in salesmen's cars and the remaining 50 phones were put in boats manufactured during the month.
Of the boats put into production during September 2019, 80% were completed and transferred to the company's storage lot. 50% of the boats completed during the month were sold by 30 September.
Instructions: Determine the cost of cellular phones that would appear in each of the following accounts at 30 September 2019:
 Raw materials inventory
 Work in process inventory
 Finished goods inventory
 Cost of sales
 Selling expenses

Quizplus · Accepted Answer

The Answer of Aquasure manufactures boats. During September 2019, the company purchased 100 cellular phones at a cost of $150 each. Aquasure withdrew 70 phones from the warehouse during the month. Twenty of these phones were installed in salesmen's cars and the remaining 50 phones were put in boats manufactured during the month.
Of the boats put into production during September 2019, 80% were completed and transferred to the company's storage lot. 50% of the boats completed during the month were sold by 30 September.
Instructions: Determine the cost of cellular phones that would appear in each of the following accounts at 30 September 2019:
 Raw materials inventory
 Work in process inventory
 Finished goods inventory
 Cost of sales
 Selling expenses

Aquasure Manufactures Boats