The following balances are from the accounts of Tappan Parts:
January 1 (Beginning) | December 31 (Ending) | |||||
Direct materials inventory | $ | 21,500 | $ | 24,700 | ||
Work-in-process inventory | 32,400 | 28,600 | ||||
Finished goods inventory | 5,200 | 6,800 | ||||
Direct materials used during the year amount to $46,200 and the
cost of goods sold for the year was $52,900.
Required:
Prepare a cost of goods sold statement.
Solution
TAPPAN PARTS | |||
Cost of Goods sold Statement | |||
For the year ended December 31 | |||
Beginning Work in Process inventory | $ 32,400.00 | ||
Manufacturing costs | |||
Direct materials | |||
Beginning Inventory | $ 21,500.00 | ||
Purchases | $ 49,400.00 | ||
Material Available | $ 70,900.00 | ||
Less: Ending Inventory | $ 24,700.00 | ||
Direct Material Used | $ 46,200.00 | ||
Other Manufacturing Costs | $ 4,500.00 | ||
Total Manufacturing Costs | $ 50,700.00 | ||
Total Cost of Work in Process | $ 83,100.00 | ||
Less: Ending Work in Process | $ 28,600.00 | ||
Cost of Goods manufactured | $ 54,500.00 | ||
Beginning Finished Goods Inventory | $ 5,200.00 | ||
Finished Goods available for sale | $ 59,700.00 | ||
Ending Finished Goods Inventory | $ 6,800.00 | ||
Cost of Goods sold | $ 52,900.00 |
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending)...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,500 $ 25,200 Work-in-process inventory 32,100 29,000 Finished goods inventory 5,300 6,700 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $52,900. Required: Prepare a cost of goods sold statement TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Manufacturing costs: Direct materials: Materials available Direct...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 21,500 $ 24,800 Work-in-process inventory 32,200 28,700 Finished goods inventory 5,100 7,200 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $...
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The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 21,900 $ 25,300 Work-in-process inventory 32,300 28,900 Finished goods inventory 5,300 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,100. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory $32,300 Manufacturing costs: Direct materials: Beginning inventory $21,900 Purchases Materials available Less:...
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The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,400 $ 25,400 Work-in-process inventory 32,800 28,800 Finished goods inventory 5,400 6,700 Direct materials used during the year amount to $45,900 and the cost of goods sold for the year was $53,400. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Manufacturing costs: Direct materials: Materials available Direct...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 25,000 Work-in-process inventory 32,000 29,300 Finished goods inventory 5,900 6,600 Direct materials used during the year amount to $46,100 and the cost of goods sold for the year was $53,300. Required: Prepare a cost of goods sold statement.
The following balances are from the accounts of Tappan Parts January 1December 31 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory (Ending) S 21,900 25,400 29,500 7,000 32,500 5,400 Direct materials used during the year amount to $45,700 and the cost of goods sold for the year was $52,900 Required: Prepare a cost of goods sold statement TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Manufacturing costs: Direct materials Materials available Direct materials used...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,500 32,900 5,800 December 31 (Ending) $ 25,200 28,800 7,000 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,900 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory December 31 (Ending) $ 24,600 29,400 7,300 32,600 5,000 Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,600 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning...