Question

The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21.800 32,800 5,800 December 31 KEnding) $ 24,600 28,900 6,700 Direct materials used during the year amount to $45,500 and the cost of goods sold for the year was $53,100. 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 Purchases Materials available Less: Ending inventory Direct materials used Other manufacturing costs Total manufacturing costs Total costs of work-in-process Less: Ending work-in-process Cost of goods manufactured Beginning finished goods inventory Finished goods available for sale Less: Ending finished goods inventory Cost of goods sold

Answer 1

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$32,800 TAPPAN. PORTS Cost of Goods sold statement for the Year Ended December at Beginning work in process Inventory Manufacturing costse Direet materieelser Beginning Inventory $21,800 Purcheses $48;300 Materials quailable $70,100 Less Ending Inventory $24,600 Direct materials used $45,500 Other manufacturing costs $ 4600 Total manufacturing Costs Tofael Cost of work-in-process Less Ending work in process Cost of hoods manufactured Beginning finished goods Inventory finished goods available for sale lessy Ending finished goods inventory I cost of Goods sold $50,100 $829,900 $28,900 $54,000 5800 59,800 6,700 $ 53100