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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.
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