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Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 49,200 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $128,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: 53,000 23,000 225,000 Direct materials Work-in-Process Inventory $7,000 $6,900 Inventory $13,700 $15,700 Beginning Ending Pietro expects to produce 49,200 units and sell 48,500 units. Beginning inventory of finished goods is $45,500, and ending inventory of finished goods is expected to be $37,000Required: 1. Prepare a statement of cost of goods sold in good form. Pietro Frozen Foods, Inc. Statement of Cost of Goods Sold For the Coming Year Cost of goods manufactured Add: Beginning finished goods Cost of goods available for sale Less: Ending finished goods Cost of goods sold

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Step 1 Computation of Cost of Goods Manufactured Particulars Direct Material Used Beginning Raw Material Add: Cost of Raw Material Purchased Total Raw Material Available Less: Ending Raw Material Total Raw Material Used Direct Labor Manufacturing Overhead Variable Overhead Fixed Overhead Total Manufacturing Overhead Total Manufacturing Cost Add: Beginning Work-In-Progress Inventory Amount Amount $7,000 $128,000 $135,000 $128,100 $53,000 $23,000 S225,000 $248,000 $429,100 $13,700 S442,800 Less: Ending Work-In-Progress Invento Cost Of Goods Manufactured $427,100 Ans Petro Frozen Foods Inc Statement of Cost of Goods Sold For the Coming Year Particulars Cost Of Goods Manufactured Add: Beginning Finished Goods Cost of Goods available for sale Less: Ending Finished Goods Cost of Goods Sold Amount Amount $427,100 $45,500 $472,600 ($37,000) $435,600

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