For your statement of cost of goods sold, use the following data regarding the actual costs incurred by the business over the past month:

? Materials purchased: $20,000 o Consumed 80% of the purchased materials ? Direct labor: $8,493.33 ? Overhead costs: $3,765 Note: Assume that the beginning materials and ending work in process are zero for the month.

Milestone Three - Statement of Cost of Goods Sold Beginning Work in Process Inventory Direct Materials: Materials: Beginning 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