Homework Answers
1) Schedule cost of goods sold
| Beginning finished goods | 1375200 |
| Cost of goods manufactured (7160670-1375200) | 5785470 |
| Cost of goods available for sale | 7160670 |
| Ending finished goods | 1145670 |
| Cost of goods sold (10025000*60%) | 6015000 |
2) Schedule of cost of goods manufactured
| Direct material used | 2341850 |
| Direct labor | 836700 |
| Manufacturing overhead | 2579220 |
| Total manufacturing cost | 5757770 |
| Beginning work in process | 725000 |
| Total cost of work in process | 6482770 |
| Ending work in process | 697300 |
| Cost of goods manufactured | 5785470 |
Direct material purchase = 2341850+871350-856000 = 2357200
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How do I prepare a statement of cost of goods sold and a statement of cost of goods manufactured for the following information. Also- what equations are used. Beginning Finished Goods 1,375,200 Beginning Materials 856,000 Beginning WIP 725,000 Direct Labor 836,700 Ending Finished Goods 1,145,670 Ending Materials 871,350 Ending WIP 697,300 Manufacturing Overhead 2,579,220 Purchases (materials) ? Sales 10,025,000 Note: gross profit is 40% of sales
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