70.2K

Verified Solution

Link Copied!

1.

2.

Exercise 01-11 Cost of goods sold computation LO P1 Precision Unimart Manufacturing $343,000 $686,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 490,000 940,000 243,000 237,000 Compute cost of goods sold for each of these two companies for the year. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Compute cost of goods sold for the company year in Merchandising Business. UNIMART Computation of Cost of Goods Sold Cost of goods sold: Merchandise inventory, beginning $ 343 Goods available for sale Cost of goods sold $ Exercise 01-11 Cost of goods sold computation LO P1 Precision Manufacturing Unimart $343,800 $686,000 490,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 940,000 243,000 237,000 Compute cost of goods sold for each of these two companies for the year. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Compute cost of goods sold for the company year in Manufacturing Business. PRECISION MANUFACTURING Computation of Cost of Goods Sold Cost of goods sold Goods available for sale Cost of goods sold $ 0 Merch Business Beck Manufacturing reports the following information in T-account form for 2019. 49,000 Raw Materials Inventory Begin. Inv. 12, 100 Purchases 55,000 Avail. for use 67,100 DM 'used End. Inv. 18,100 Work in Process Inventory Begin. Inv. 17,200 DM used 49,000 Direct labor 28,500 Overhead 62,000 Manuf. costs 156,700 Cost of goods manuf. End. Inv. 12,500 Finished Goods Inventory Begin. Inv. 19,300 Cost of goods manuf. 144,200 Avail. for sale 163,500 Cost of Goods Sold End. Inv. 20,700 144,200 142,800 Required: 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year. Required 1 Required 2 Prepare the schedule of cost of goods manufactured for the year. BECK MANUFACTURING Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Total manufacturing costs 0 Total cost of work in process 0 Cost of goods manufactured $ $ 0 Required 1 Required 2 Compute cost of goods sold for the year. BECK MANUFACTURING Partial Income Statement For Year Ended December 31, 2019 Cost of goods sold 0 Goods available for sale $ 0 Cost of goods sold

Answer & Explanation Solved by verified expert

See Answer