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Sales 75,000 Materials inventory (January 1) 25,000 Work in process inventory (January 1) 24,000 Finished goods inventory (January 1) 32,000

This question was answered on Jan 18, 2013. View the Answer
Sales 75,000
Materials inventory (January 1) 25,000
Work in process inventory (January 1) 24,000
Finished goods inventory (January 1) 32,000
Materials purchased 21,000
Direct labor cost 18,000
Factory overhead (including $1000 of indirect materials used and $3000 of indirect labor cost 12,000
Selling and administrative expenses 10,000
Inventories at January 31
Materials 22,000
Work in process 20,000
Finished goods 30,000

a. Prepare a statement of cost of goods manufactured.
b. Prepare the cost of goods sold section of the income statement.

Please show work. I have attempted this and I am getting lost.
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8421183.xlsx

a. Prepare a statement of cost of goods manufactured. Statement of Cost of Goods Manufactured SOLUTION: Direct Materials Materials Inventory (Begginning) Add: Purchases Less: Materials (Closing)...

This question was asked on Jan 17, 2013 and answered on Jan 18, 2013.

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