Question

Cost of goods sold statement: The following data are provided by the controller of the Metaxas Corporation Cash…………….………………………………………………………………………………… $240,000 Accounts receivable………………………………………………………………………. 348,000 Inventories: January 1 December 31 Finished goods……………….... $44,200 $66,000 Work in process……………….. 29,800 38,800 Materials…………………………. 88,000 64,000 Materials purchased………….……………………………………………………………………… $366,000 Sales discount………….………………………………………………………………..……………… 8,000 Factory overhead (excluding depreciation)………….……………………………………… 468,400 Marketing and administrative expenses (excluding depreciation)…………………. 344,200 Depreciation (90% manufacturing 10% marketing and administrative expenses)……. 116,000 Sales………….……………………………………………………………………………………………………. 1,844,000 Direct labor………….………………………………………………………………………………………… 523,600 Freight on materials purchased………….…………………………………………………………. 6,600 Rental income………….……………………………………………………………………………….……. 64,000 Interest on bonds payable………….………………………………………………………………….… 16,000 Required: Cost of goods sold statement

Answer 1

Cost of Goods Sold Statement
For the year ended December 31, 20xx

Direct Materials:
Materials inventory, January 1	88,000
Purchases	366000
Freight on materials purchased	6600
Materials available for use	460,600
Less materials inventory, December31	(64,000)
Direct materials consumed	396,600
Direct labor	523,600
Factory overhead:
Depreciation (116000*90%)	104,400
Others	468400
Total manufacturing cost		1,493,000
Add work in process inventory, January 1		29,800
Total cost to be accounted for		1,522,800
Less work in process inventory, December 31		(38,800)
Cost of goods manufactured		1,484,000
Add finished goods inventory, January 1		$44,200
Cost of goods available for sale		1,528,200
Less finished goods inventory, December 31		($66,000)
Cost of goods sold		1,462,200

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