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