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How do I prepare a statement of cost of goods sold and a statement of cost of goods manufactured for the following information. Also- what
How do I prepare a statement of cost of goods sold and a statement of cost of goods manufactured for the following information. Also- what equations are used.
| Beginning Finished Goods | 1,375,200 | |
| Beginning Materials | 856,000 | |
| Beginning WIP | 725,000 | |
| Direct Labor | 836,700 | |
| Ending Finished Goods | 1,145,670 | |
| Ending Materials | 871,350 | |
| Ending WIP | 697,300 | |
| Manufacturing Overhead | 2,579,220 | |
| Purchases (materials) | ? | |
| Sales | 10,025,000 | |
| Note: gross profit is 40% of sales | ||
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Intermediate Accounting
Authors: David Spiceland
11th Edition
9781264134526
