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January 1 (Beginning) December 31 (Ending) $ 25,100 28,700 7,100 Direct materials inventory Work-in-process inventory Finished goods inventory $ 21,600 32,400 5,600 Direct materials
January 1 (Beginning) December 31 (Ending) $ 25,100 28,700 7,100 Direct materials inventory Work-in-process inventory Finished goods inventory $ 21,600 32,400 5,600 Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $52,500. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory $ 32,400 Manufacturing costs: Direct materials: Beginning inventory Purchases Materials available Less: Ending inventory Direct materials used Other manufacturing costs Total manufacturing costs Total costs of work-in-process Less: Ending work-in-process Cost of goods manufactured Beginning finished goods inventory Finished goods available for sale Less: Ending finished goods inventory Cost of goods sold $ 21,600 25,100 $ 46,700
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