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Milestone Three - Statement of Cost of Goods Sold ...

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Accounting
Milestone Three - Statement of Cost of Goods Sold
Beginning Work in Process Inventory 0
Direct Materials:
Materials: Beginning 0
Add: Purchases for month of January given $ 20,000
Materials available for use given 20,000
Deduct: Ending materials(20% of purchase) 4,000
Materials Used (80% of material purchased) $ 16,000
Direct Labor (given on data sheet) 8,493
Overhead (given) 3,765
Total Costs (material + labor) $ 28,258
Deduct: Ending Work in Process Inventory 0
Cost of Goods Sold (Material used+total costs) $ 28,258.33
A. Statement of Cost of Goods Sold: Share the statement of cost of goods sold and logically interpret the businesss performance against the provided benchmarks

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