Question

rogen Sports | Best Bitcoin Sp x Q Managerial Accounting Final Wo X C Cost Of Goods Manufactured Slix + /ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Other bookmarks eBook Show Me How Calculator Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $547,000. Suppose that on June 1, Slapshot had 680 units in finished goods inventory costing $160,000 and on June 30, 930 units in finished goods inventory costing $215,000. 1. Prepare a cost of goods sold statement for the month of June. Slapshot Company Cost of Goods Sold Statement For the Month of June Cost of goods manufactured Finished goods inventory, June 1 Finished goods inventory, June 30 Finished goods inventory, June 30 x Footback Check My Work Set up T account for finished goods inventory account. 2. Calculate the number of sticks that were sold during June units Feedback Check My Work 1 more Check My Work uses remaining. Previous Next All work saved Email Instructor Save and But Submit Assignment for Grading 8:29 PM

Answer 1

cost of goods sold statement

Particulars				Amount
Beginning Inventory				160000
Add ; Cost of goods Manufactured				547000
Cost of goods Available For Sale				707000
Less ; Ending Inventory				215000
Cost of goods sold				492000

T Account of inventory

T - Account

Inventory Account

beginning balance                      160000

Cost of goods sold      492000

Cost of goods Manufactured     547000

Closing balance         215000

707000

707000

total units sold = beginning inventory unit + total units manufactured - closing inventory units

= 680+1900 - 930

= 1650 units

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