Based on the following information, prepare a cost of goods manufactured statement. Material purchases $90,000 Factory labor $60,000 Manufacturing overhead $30,000 Materials inventory (beginning) $25,000 Materials inventory (ending) $10,000 Freight-in, Materials $ 5,000 Selling expenses $85,000 General and administrative expenses $30,000 Work in process inventory (beginning) $15,000 Work in process inventory (ending) $20,000

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Exercise 3.2 • Cost of Goods Manufactured
Based on the following information, prepare a cost of goods manufactured
statement.
Material purchases
$90,000
Factory labor
$60,000
Manufacturing overhead
Materials inventory (beginning)
Materials inventory (ending)
Freight-in, Materials
Selling expenses
General and administrative expenses
$30,000
$25,000
$10,000
$ 5,000
$85,000
$30,000
Work in process inventory (beginning)
Work in process inventory (ending)
$15,000
$20,000
Transcribed Image Text:Exercise 3.2 • Cost of Goods Manufactured Based on the following information, prepare a cost of goods manufactured statement. Material purchases $90,000 Factory labor $60,000 Manufacturing overhead Materials inventory (beginning) Materials inventory (ending) Freight-in, Materials Selling expenses General and administrative expenses $30,000 $25,000 $10,000 $ 5,000 $85,000 $30,000 Work in process inventory (beginning) Work in process inventory (ending) $15,000 $20,000
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