The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory...
80.2K
Verified Solution
Link Copied!
Question
Accounting
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 22,400 33,000 5,500 December 31 (Ending) $ 24,900 28,700 6,700 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $52,900. Required: Prepare a cost of goods sold statement. $ 33,000 $ TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory $ 22,400 Purchases 48,800 Materials available $ 71,200 Less: Ending inventory 24,900 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 $ 46,300 28,700 5,500 6,700 $ 52,900
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
