Question

cises i Saved The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,999 32,789 5,500 December 31 (Ending) $ 25,400 28,600 7,100 Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $52,700. Required: Prepare a cost of goods sold statement TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process Inventory Manufacturing costs Direct materials Beginning inventory SEUN 21 900 Purchases 93 300

Answer 1

Beginning work in process inventory 32700

Manufacturing costs

Direct material

Beginning inventory 21900

Purchases 49500

Material available 71400

Less ending inventory 25400

Direct material used 46000

Other manufacturing cost 36900   

Total manufacturing costs 82900

Less ending work in process 28600

Cost of goods manufactured 54300

Beginning finished goods inventory 5500

Finished goods available for sale 59800

Less ending finished goods inventory 7100

Cost of goods sold 52700