Question 5(7 points)

Frederick Company's January 1, 2018 finished goods inventory was $70,000. The January 1, 2019 finished goods inventory is $87,000.Cost of goods manufactured for the FY 2018 was $366,000. Use this information to determine the dollar amount of the FY 2018 cost of goods sold. (Round dollar values & enter as whole dollars only.)

Your Answer:

Question 5 options:

Answer

Question 6(12 points)

Annapolis Company manufactures quality boating apparel.The following selected financial information for the fiscal year 2018 is provided:

Item

Amount

Sales

$850,000

Beginning Raw Material Inventory

74,000

Direct Material Purchased

308,000

Factory Overhead

90,000

Finished Goods Inventory - January 1

144,000

Work in Process - January 1

74,000

Work in Process - December 31

98,000

Ending Raw Material Inventory

58,000

Finished Goods Inventory - December 31

168,000

Net Income

65,000

Direct Labor

155,000

Cost of Goods Sold

655,000

Use this information toprepareda detailed Schedule of Costs of Goods Manufactured for FY 2018: (Round dollar values & enter as whole dollars only.Properly title your statement.)