TechIndustries Ltd. has provided the following details: Item Amount Direct Materials $45,000 Direct Labor $35,000 Factory Overhead
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Question:
TechIndustries Ltd. has provided the following details:
Item | Amount |
Direct Materials | $45,000 |
Direct Labor | $35,000 |
Factory Overhead | $25,000 |
Work in Progress (Beginning) | $10,000 |
Work in Progress (Ending) | $12,000 |
Finished Goods (Beginning) | $12,000 |
Finished Goods (Ending) | $15,000 |
Requirement: Calculate the cost of goods manufactured and the cost of goods sold for TechIndustries Ltd. Also, prepare the cost of goods sold statement and calculate the gross profit if sales were $420,000.
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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