Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the Cost of Goods Manufactured calculated in your sch cgm worksheet and adding data needed from the balance sheet, calculate the Cost of goods

Using the Cost of Goods Manufactured calculated in your sch cgm worksheet and adding data needed from the balance sheet, calculate the Cost of goods sold.

Balance Sheet:

2/1/2021 2/29/2021
Cash $ 200,000 $ 1,595,310
AR $ 1,000,000 $ 1,487,096
Supplies $ 20,000 $ 20,000
Inventory RM $ 75,860 $ 296,190
Inventory WIP $ 140,000 $ 120,000
Inventory finished goods $ 179,680 $ 106,980
Equipment-office $ 15,000 $ 15,000
Accumulated depreciation $ (3,250) $ (3,500)
Equipment-sales $ 10,000 $ 10,000
Accumulated depreciation $ (2,167) $ (2,333)
Equipment-factory $ 75,000 $ 75,000
Accumulated depreciation $ (16,250) $ (21,250)
$ 1,693,873 $ 3,698,493
AP $ 50,000 $ 46,250
Wage payable $ 250,000 $ 250,000
Stockholder equity $ 1,393,873 $ 3,402,243
Total liability and stockholder equity $ 1,693,873 $ 3,698,493

I know that the Cost of Goods Manufacture is $10,082,567 and the Cost of Goods Sold is $10,155,267, I am just unware what to add/subtract to get that answer.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions