The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory…
The following solution is suggested to handle the subject “The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory…“. Let’s keep an eye on the content below!
Question “The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory…”
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,600 109,300 42,300 December 31 (Ending) $ 109,500 107,400 45,100 Direct materials purchased during the year amount to $514,200, and the cost of goods sold for the year was $1,865,000 Required: Prepare a cost of goods sold statement. $ 109,300 CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs Direct materials: Beginning inventory 98.600 Purchases 514 200
$ 109,300 Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory 98,600 Purchases 514,200 Materials available 612,800 Less: Ending inventory 109,800 Direct materials used Other manufacturing costs Total manufacturing costs Total costs of work-in-process Less Ending work-in-process Cost of goods manufactured Beginning finished goods inventory Finished goods available for sale Less: Ending finished goods inventory Cost of goods sold 503,000 503,000 612,300 $ 612 300 $ 612,300 $ 612.300
The following data refer to one year for Monroe Fabricators. Fill in the blanks. 2,760 Direct materials inventory, January 1 Direct materials inventory, December 31 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Purchases of direct materials Cost of goods manufactured during the year Total manufacturing costs Cost of goods sold RSS Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 2,760 3.710 2,100 390 16,200 54,010 55,720 47 460 14,600 13.870
Answer
Cost of Goods Sold = Finished goods available for sale – Ending Good Finished Goods Finished Goods for sale = Cost of good sold + $1865000+$45100 = $1910100. Cost of Goods Manufacturing = Finished goods available for purchase – Beginning Good Cost of Goods manufactured = $1910100-$42300 = $1867800. Cost of Goods Manufacturing = Beg. Work in progress + Direct Material Used + Other Manufacturing Cost-End. Work in progress Other manufacturing cost = Cost of Goods Made – Beg. Work in progress – Direct Material used +End. Work in progress Other Manufacturing cost = $1867800-$109300-$503000+$107400=$1362900 Crabtree Machining Company Cost of Good Sold Statement For the year ended December 31 Beginning Work-in-Progress $1,09,300 Manufactring Cost Direct Material Beginning Inventory $98,600 Purchases $5,14,200 Materials Available $6,12,800 Less: Ending Inventory $1,09,800 Direct Material Used $5,03,000 Other Manufacturing Cost $13,62,900 Total Manufacturing Cost $18,65,900 Total cost of Work-in-Progress $19,75,200 Less: Ending Work-in-Progress $1,07,400 Cost of Good Manufactured $18,67,800 Beginning finished goods inventory $42,300 Finished Goods available for sale $19,10,100 Less: Endning Finished goods inventory $45,100 Cost of Good Sold $18,65,000
Conclusion
Above is the solution for “The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory…“. We hope that you find a good answer and gain the knowledge about this topic of business.