Question
For your statement of cost of goods sold , use the following data regarding the actual costs incurred by the business over the past month:
For your statement of cost of goods sold, use the following data regarding the actual costs incurred by the business over the past month: Please show steps if possible
- Materials purchased: $20,000
- Consumed 80% of the purchased materials
- Direct labor: $8,493
- Overhead costs: $3,765
Note: Assume that the beginning materials and ending work in process are zero for the month.
| Beginning Work in Process Inventory | $ - | |
| Direct Materials: | ||
| Materials: Beginning | 0 | |
| Add: Purchases for month of January | ||
| Materials available for use | ||
| Deduct: Ending materials | ||
| Materials Used | ||
| Direct Labor | ||
| Overhead | ||
| Total Costs | ||
| Deduct: Ending Work in Process Inventory | 0 | |
| Cost of Goods Sold | ||
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
