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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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