2-40. Prepare Statements for a Manufacturing Company (LO 2-2, 4) The following balances appear on the accounts of Greusel Fabrication: Direct materials inventory Work-in-process inventory Finished goods inventory March 1 (Beginning) March 31 (Ending) $36,000 $41,000 62,000 66,200 42,500 38,200 Direct materials used during the month amount to $525,000 and the cost of goods sold for the month was $1,436,000. Required Find the following by completing a cost of goods sold statement. a. Cost of direct materials purchased during March. b. Cost of goods manufactured for March. c. Total manufacturing costs incurred for March.
2-40. Prepare Statements for a Manufacturing Company (LO 2-2, 4) The following balances appear on the accounts of Greusel Fabrication: Direct materials inventory Work-in-process inventory Finished goods inventory March 1 (Beginning) March 31 (Ending) $36,000 $41,000 62,000 66,200 42,500 38,200 Direct materials used during the month amount to $525,000 and the cost of goods sold for the month was $1,436,000. Required Find the following by completing a cost of goods sold statement. a. Cost of direct materials purchased during March. b. Cost of goods manufactured for March. c. Total manufacturing costs incurred for March.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:2-40. Prepare Statements for a Manufacturing Company
(LO 2-2, 4)
The following balances appear on the accounts of Greusel Fabrication:
Direct materials inventory
Work-in-process inventory
Finished goods inventory
March 1 (Beginning) March 31 (Ending)
$41,000
66,200
38,200
$36,000
62,000
42,500
Direct materials used during the month amount to $525,000 and the cost of goods sold for the month was $1,436,000.
Required
Find the following by completing a cost of goods sold statement.
a. Cost of direct materials purchased during March.
b. Cost of goods manufactured for March.
c. Total manufacturing costs incurred for March.
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