The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning) March 31 (Ending) Direct materials inventory $ 39,000 $ 44,000 Work-in-process inventory
The following balances appear on the accounts of Greusel Fabrication:
| March 1 (Beginning) | March 31 (Ending) | |
|---|---|---|
| Direct materials inventory | $ 39,000 | $ 44,000 |
| Work-in-process inventory | 65,000 | 69,200 |
| Finished goods inventory | 45,500 | 41,200 |
Direct materials used during the year amount to $528,000 and the cost of goods sold for the year was $1,466,000.
Required:
Prepare a cost of goods sold statement.
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To prepare a cost of goods sold statement we need to use the following formula Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of G...
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Step: 2
Step: 3
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Authors: William Lanen, Shannon Anderson, Michael Maher
4th edition
78025524, 978-0078025525
