Compute the Cost of Goods Sold for 2019 using the following information: Direct Materials, Jan....
Compute the Cost of Goods Sold for 2019 using the following
information:
| Direct Materials, Jan. 1, 2019 | $ | 49,500 | |
| Work-in-Process, Dec. 31, 2019 | 74,000 | ||
| Direct Labor | 58,000 | ||
| Finished Goods, Dec. 31, 2019 | 124,000 | ||
| Finished Goods, Jan. 1, 2019 | 156,500 | ||
| Manufacturing Overhead | 79,000 | ||
| Direct Materials, Dec. 31, 2019 | 62,000 | ||
| Work-in Process, Jan. 1, 2019 | 106,000 | ||
| Purchases of Direct Material | 94,000 | ||
Multiple Choice
-
$231,000
-
$250,500
-
$283,000
-
$285,000
Homework Answers
Calculation of Cost of Goods Sold
| Direct materials | ||
| Direct Materials, Jan. 1, 2019 | $49500 | |
| Add: Purchases of Direct Material | 94000 | |
| Raw materials available for sale | 143500 | |
| Less: Direct Materials, Dec. 31, 2019 | (62000) | |
| Direct materials used | 81500 | |
| Direct labor | 58000 | |
| Manufacturing Overhead | 79000 | |
| Total manufacturing costs | 218500 | |
| Add: Work-in Process, Jan. 1, 2019 | 106000 | |
| 324500 | ||
| Less: Work in process, Dec 31, 2019 | (74000) | |
| Cost of goods manufactured | 250500 | |
| Add: Finished Goods, Jan. 1, 2019 | 156500 | |
| Cost of goods available for sale | 407000 | |
| Less: Finished Goods, Dec. 31, 2019 | (124000) | |
| Cost of goods sold | $283000 |
So, the answer is option C) $283000
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