Milestone Three - Statement of Cost of Goods Sold
Beginning Work in Process Inventory		0
Direct Materials:
Materials: Beginning	0
Add: Purchases for month of January given	$ 20,000
Materials available for use given	20,000
Deduct: Ending materials(20% of purchase)	4,000
Materials Used (80% of material purchased)		$ 16,000
Direct Labor (given on data sheet)		8,493
Overhead (given)		3,765
Total Costs (material + labor)		$ 28,258
Deduct: Ending Work in Process Inventory		0
Cost of Goods Sold (Material used+total costs)		$ 28,258.33
A. Statement of Cost of Goods Sold: Share the statement of cost of goods sold and logically interpret the businesss performance against the provided benchmarks