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The following information is available for Adams Company for 2018 (all numbers in dollars): Beginning Finished Goods 306,390 Beginning Materials 186,319 Beginning WIP 174,300 Direct
The following information is available for Adams Company for 2018 (all numbers in dollars):
Beginning Finished Goods | 306,390 | |
Beginning Materials | 186,319 | |
Beginning WIP | 174,300 | |
Direct Labor | 489,511 | |
Ending Finished Goods | 311,446 | |
Ending Materials | 177,433 | |
Ending WIP | 181,216 | |
Manufacturing Overhead | ? | |
Purchases (materials) | 741,359 | |
Sales | 3,521,000 | |
Note: gross profit is 40% of sales |
Required: Prepare a statement of cost of goods sold and a statement of cost of goods manufactured for 2018.
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