Question

Tho following balances are from tho accounts of Tappan Parts January 1 Beginning) S 21,600 December 31 (Ending) Direct materials inventory Work-in-process inventory Finished goods inventory $ 21,600 25,100 32,300 28,600 6,800 5,800 Direct materials used during the year amount to $46,100 and the cost of goods sold for the year was $52,8 Required: Prepare a cost of goods sold statement

Answer 1

COST OF GOODS SOLD STATEMENT
Beginning WIP			32300
Manufacturing costs:
Direct materials:
Beginning inventory	21600
Purchases	49600
Materials available	71200
Less: Ending inventory	25100
Direct materials used		46100
Other manufacturing costs		12100
Total manufacturing costs			58200
Total costs of work in process			90500
Less: Ending Work in process			25100
Cost of goods manufactured			65400
Beginning finished goods inventory			5800
Finished goods available for sale			59600
Less: Ending finished goods inventory			6800
Cost of goods sold			52800