Question

The following balances are from the accounts of Tappan Parts January 1 Direct materials inventory Work-in-process inventory Finished goods inventory $ 22,400 32,200 5,209 December 31 (Endint) $ 24,889 29,200 6,600 Direct materials used during the year amount to $45,700 and the cost of goods sold for the year was $52,600. Required: Prepare a cost of goods sold statement. Manufacturing costs Direct materials Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured

Answer 1

TAPPAN PARTS Cost of Goods Sold Statement For the year Ended December 31
Beginning Work in process Inventory			$32,200
Manufacturing Costs:-
Direct Materials:-
Beginning Inventory	$22,400
Purchases	$48,100
Materials available	$70,500
Less: Ending Inventory	($24,800)
Direct Materials used		$45,700
Other manufacturing cost		$5,300
Total manufacturing cost			$51,000
Total cost of work in process			$83,200
Less: Ending Work in process Inventory			($29,200)
Cost of goods sold Manufactured			$54,000
Beginning Finished goods Inventory			$5,200
Finished goods available for sale			$59,200
Less: Ending Finished goods inventory			($6,600)
Cost of goods sold			$52,600

Working Notes:-

1. Cost of goods sold Manufactured

Ending Finished goods inventory	$6,600
Add: Cost of Goods Sold	$52,600
Finished goods available for sale	$59,200
Less: Beginning Finished goods Inventory	($5,200)
Cost of goods sold Manufactured	$54,000

2. Total manufacturing Cost:-

Ending Work in process Inventory	$29,200
Add: Cost of goods Manufactured	$54,000
Total cost of work in process	$83,200
Less: Beginning Inventory	($32,200)
Total manufacturing Cost	$51,000

3. Other Manufacturing cost:-

Total Manufacturing Cost	$51,000
Less: Direct Materials used	($45,700)
Other Manufacturing cost	$5,300

4. Direct Materials Purchase:-

Ending Raw Materials Inventory	$24,800
Add: Direct Materials Used	$45,700
Materials available	$70,500
Less: Beginning Raw materials Inventory	($22,400)
Raw materials Purchase	$48,100

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