Question

Explain how other manufacturing costs are found. Complete the problem

Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 22,200 32,500 5,400 December 31 (Ending) $ 24,800 29,100 7,500 Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $52.900. Required: Prepare a cost of goods sold statement. Answer is not complete. || 32,500 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory 22,200 Purchases 48,400 Materials available 70,600 Less: Ending inventory 24,800 Direct materials used Other manufacturing costs Total manufacturing costs Total costs of work-in-process Less: Ending work-in-process, Cost of goods manufactured Beginning finished goods inventory Finished goods available for sale Less: Ending finished goods inventory Cost of goods sold 45,800 7.100 29,100 5.400 7,500 52.900 $

Answer 1

TAPPAN PARTS Cost fo Goods Sold Statement For the Year Ended December 31 Amount($) Amount($) Amount($) Beginning work-in-process inventory 32500 Manufacturing costs: Direct materials: Beginning inventory 22200 Purchases 48400 Materials available 70600 Less: Ending inventory 24800 Direct materials used 45800 Other manufacturing costs 5800 Total manufacturing costs 51600 Total costs of work-in-process 84100 Less: Ending work-in-process 29100 Cost of goods manufactured 55000 Beginning finished goods inventory 5400 Finished goods available for sale 60400 Less: Ending finished goods inventory 7500 Cost of goods sold 529001 Note: For Other Manufacturing Costs Reverse Calculation has to be made from the Cost of goods sold in the given Format with the available data.