Correct Answer:
TAPPAN PARTS |
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Cost of Goods sold Statement |
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For the year ended December 31 |
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Beginning Work in Process inventory |
$ 32,400.00 |
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Manufacturing costs |
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Direct materials |
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Beginning Inventory |
$ 22,000.00 |
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Purchases |
$ 49,200.00 |
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Material Available |
$ 71,200.00 |
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Less: Ending Inventory |
$ 24,800.00 |
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Direct Material Used |
$ 46,400.00 |
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Other Manufacturing Costs |
$ 4,400.00 |
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Total Manufacturing Costs |
$ 50,800.00 |
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Total Cost of Work in Process |
$ 83,200.00 |
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Less: Ending Work in Process |
$ 28,800.00 |
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Cost of Goods manufactured |
$ 54,400.00 |
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Beginning Finished Goods Inventory |
$ 5,600.00 |
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Finished Goods available for sale |
$ 60,000.00 |
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Ending Finished Goods Inventory |
$ 6,800.00 |
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Cost of Goods sold |
$ 53,200.00 |
Working:
Purchase of Raw material
Material Used |
$ 46,400.00 |
Add: Ending raw material |
$ 24,800.00 |
Less: Beginning raw material |
$ (22,000.00) |
Purchases of raw material |
$ 49,200.00 |
Balancing figure (Other manufacturing cost)
Material Cost |
$ 46,400.00 |
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Add: Beginning WIP |
$ 32,400.00 |
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Less: Ending WIP |
$ (28,800.00) |
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Subtotal |
$ 50,000.00 |
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Add: Beginning Finished Goods Inventory |
$ 5,600.00 |
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Less: Ending Finished Goods Inventory |
$ (6,800.00) |
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Subtotal |
$ 48,800.00 |
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Actual Cost of Goods sold |
$ 53,200.00 |
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Balancing figure (Other manufacturing cost) |
$ 4,400.00 |
End of answer.
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The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning) (Ending)...
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 $...
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) 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...
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 $ 24,700 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.
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:...
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...
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The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,600 32,200 5,000 December 31 (Ending) $ 24,600 28,800 7,500 Direct materials used during the year amount to $46,500 and the cost of goods sold for the year was $52,600. 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.