In Income statement Cost of goods sold is shown and it is calculated as follows: Beginning Inventory + Purchases - Closing Inventory.
So Option D is answer
Question 11 2 pts Which of the following accounts will be found on the income statement? Inventory Work in Process Purc...
Which of the following accounts will be found on the income statement? Oa. Purchases Ob. Inventory Oc. Work in Process Od. Cost of Goods Sold
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:...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,500 32,900 5,800 December 31 (Ending) $ 25,200 28,800 7,000 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,900 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,600 109,300 42,300 December 31 (Ending) $ 109,500 107,400 45,100 Direct materials purchased during the year amount to $514,200, and the cost of goods sold for the year was $1,865,000 Required: Prepare a cost of goods sold statement. $ 109,300 CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory...
Which of the following would not be found on the income statement of a manufacturer? Select one: a. operating income b. cost of goods sold work in process d. sales revenue
Explain how other manufacturing costs are found. Complete the problem Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 22,200 32,500 5,400 December 31 (Ending) $ 24,800 29,100 7,500 Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $52.900. Required: Prepare a cost of goods sold statement. Answer is not complete. || 32,500 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning...
The following T-accounts represent November activity. Materials Inventory EB (11/30) 55,700 9 oints Work-In-Process Inventory BB (11/1) 33,300 Dir.Materials 85,500 Cost of Goods Sold Finished Goods Inventory EB (11/30) 99,000 Manufacturing Overhead Control eBook Applied Manufacturing Overhead 258,000 Sales Revenue 721,800 Wages Payable Print Additional Data References • Materials of $113,700 were purchased during the month, and the balance in the Materials Inventory account increased by $11,800. • Overhead is applied at the rate of 150 percent of direct labor...
The following T-accounts represent November activity. Materials Inventory EB (11/30) 55,500 Work-In-Process Inventory BB (11/1) 32,100 Dir. Materials 86,500 Cost of Goods Sold Finished Goods Inventory EB (11/30) 103,000 Manufacturing Overhead Control Applied Manufacturing Overhead 267,000 Sales Revenue 771,400 Wages Payable Additional Data • Materials of $115,000 were purchased during the month, and the balance in the Materials Inventory account increased by $11,600. • Overhead is applied at the rate of 150 percent of direct labor cost. • Sales are...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,200 107,500 42,000 December 31 (Ending) $ 110,500 107,800 43,200 Direct materials purchased during the year amount to $517,200, and the cost of goods sold for the year was $1,855,000 Required: Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning finished goods inventory Manufacturing...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,600 32,200 5,000 December 31 (Ending) $ 24,600 28,800 7,500 Direct materials used during the year amount to $46,500 and the cost of goods sold for the year was $52,600. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Manufacturing costs: Direct materials: Materials available Direct...