May 25, 2016

Homework Help: Accounting

Posted by Becca on Tuesday, February 10, 2009 at 9:39pm.

Kam Motor Company manufactures automobiles. During September 2007 the company purchased 5,000 head lamps at a cost of $9 per lamp. Kam withdrew 4,650 lamps from the warehouse during the month. Fifty of these lamps were used to replace the head lamps in autos used by traveling sales staff. The remaining 4,600 lamps were put in autos manufactured during the month.
Of the autos put into production during September 2007, 90% were completed and transferred to the company's storage lot. Of the cars completed during the month, 75% were sold by September 30.
Determine the cost of head lamps that would appear in each of the following accounts at September 30, 2007:
Work in Process account, Finished Goods account, Cost of Goods Sold account, Selling Expenses account

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