Question

Test: Test I chapters 16 17 18 19 This Question: 10 pls 19 of 22 13 complete 12. TUV Manufacturing Company has the following data for 2019 (amounts in mibon) !! Click the icon to the information ) Prepare the schedule of cost of goods manufactured and the cost of goods sold section of the income statement for the year ended December 31, 2015 Beginning Work in Process Inventory Direct Maconals Used Direct Materiais Available for Use Manufacturing Overhead X Data Table Ending Work-in-Process Inventory Direct Materials Used Direct Labor Manufactunng Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Ending Work--Process Inventory Direct Materials, January 1 Direct Materials, December 31 Work in Process Inventory, January 1 Work in Process inventory, December 31 Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Direct Matenals Purchased, chang Freight in Cost of Goods Manufactured Now prepare the schedule of cost of goods sold. Direct Labor TUV Manufacturing Company Schedule of Cost of Goods Sold Year Ended December 31, 2019 fin millions) Manufacturing Overhead Print Done MU Cast of Goods Aviable for Sale Cost of Goods Sold and then co

Answer 1

Cost of goods manufactured
Particulars	$ (in millions)	$ (in millions)	$ (in millions)
Beginning work in Process inventory			$           14
Direct material used
Direct material Jan 1st	$               6
Add Direct material purchased	$             32
Less Direct material December 31	$           (14)
Direct material used		$             24
Direct labor		$             44
Manufacturing overhead		$             25
Total manufacturing cost incurred during the year			$           93
Total manufacturing cost to account for			$         107
Ending work in process inventory Dec 31			$         (17)
Cost of goods manufactured			$           90
TUV Manufacturing co. Schedule of Cost of goods sold Year ended Dec 31, 2019
Particulars	$ (in millions)
Finished goods inventory January 1	$               9
Add Cost of goods manufactured	$             90
Cost of goods available for sale	$             99
Less Finished goods inventory January 31	$           (10)
Cost of goods sold	$             89

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