The following balances are from the accounts of Hill Components:

Direct materials used during the year amount to $46,000, and the cost of goods sold for the year was $53,000.

Required
Find the following by completing a cost of goods sold statement:
a. Cost of direct materials purchased during the year.
b. Cost of goods manufactured during the year.
c. Total manufacturing costs incurred during theyear.

Transcribed Image Text:

January 1 (Beginning) $37,000 62,100 12,000 December 31 (Ending) Direct materials inventory Work-in-process inventory.... Finished goods inventory. $34,000 55,000 14,000