### Compute Cost of Goods Sold Using the Following Information:#### Provided Data:- **Finished goods inventory, beginning:** $366,000- **Work in process inventory, beginning:** $85,000- **Work in process inventory, ending:** $74,100- **Cost of goods manufactured:** $944,200- **Finished goods inventory, ending:** $328,000#### Calculation Table:The following table outlines the computation for the cost of goods sold:| **Cost of Goods Sold is Computed as:** | | | ||----------------------------------------|-------------------|----------------------------|------------|| **Finished goods inventory, beginning**| | | || **Add: Cost of goods manufactured** | | | || **Less: Finished goods inventory, ending**| | | ( - ) || | | **Cost of goods sold** | $ |#### Explanation:The table above lists the important steps involved in calculating the cost of goods sold. Here's a breakdown of the computation process:1. **Add the beginning finished goods inventory** to the cost of goods manufactured: - This gives the total goods available for sale. 2. **Subtract the ending finished goods inventory** from the total goods available for sale: - This adjustment accounts for the inventory that is left unsold at the end of the period. 3. The result of this computation will give you the **cost of goods sold** for the period. Certainly. Here is the transcription of the image:---### Inventory and Manufacturing Costs OverviewThe following are important terms and concepts related to inventory and manufacturing costs:1. **Cost of goods manufactured**: This represents the total production cost of goods that are completed during an accounting period.2. **Finished goods inventory, beginning**: This is the value of finished goods that were in stock at the beginning of the accounting period.3. **Finished goods inventory, ending**: This is the value of finished goods that remain unsold at the end of the accounting period.4. **Goods available for sale**: This includes the total cost of finished goods available to be sold during the accounting period. 5. **Work in process inventory, beginning**: This is the value of goods that are still in production and not yet completed at the beginning of the accounting period.6. **Work in process inventory, ending**: This represents the value of unfinished goods still in production at the end of the accounting period.Understanding these components is essential for accurate financial reporting and inventory management in manufacturing and production environments.---This content can be utilized to explain basic inventory and manufacturing cost concepts on an educational website.

Cost of goods sold (COGS) refers to the cost of goods and services which is sold by the company in…

Compute cost of goods sold using the following information. $366,000 85,000 Finished goods inventory, beginning Work in process inventory, beginning Work in process inventory, ending Cost of goods manufactured Finished goods inventory, ending 74,100 944, 200 328,000

Compute cost of goods sold using the following information. $366,000 85,000 Finished goods inventory, beginning Work in process inventory, beginning Work in process inventory, ending Cost of goods manufactured Finished goods inventory, ending 74,100 944, 200 328,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the following information to compute the unadjusted cost of goods sold for the period: Beginning raw materials $7,500 Ending raw materials 4,500 Direct labor 13,250 Raw materials purchased 7,400 Depreciation on factory equipment Factory repairs and maintenance Production supervisor's salary Beginning finished goods inventory Ending finished goods inventory Beginning goods in process inventory Ending goods in process inventory 6,250 3,350 2,500 10,500 8,700 6,700 6,100
Cost of Goods Manufactured and Cost of Goods Sold For each of the following unrelated companies, compute the cost of goods manufactured and the cost of goods sold: A B C Selling expenses $860 $1,160 $960 Factory insurance 260 245 140 Ending finished goods inventory 810 750 515 Non-factory administrative expenses 250 450 350 Direct labor 2,920 3,120 2,480 Beginning materials inventory 880 1,030 710 Beginning work in process inventory 1,120 840 1,070 Indirect materials used 390 420 230 Factory utilities 600 635 510 Factory depreciation 730 760 380 Ending work in process inventory 1,360 790 950 Ending materials inventory 440 710 410 Indirect labor 425 280 160 Beginning finished goods inventory 850 725 480 Factory repairs and maintenance 215 230 175 Net delivered cost of materials purchased 3,140 4,410 2,870 Factory supplies used 330 310 210 A B C Direct materials used Answer Answer Answer Direct labor Answer Answer Answer…
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The following information is available for Windsor Company. Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue (a) Jan, 1 led Dec 31 V V V > > January 1, 2022 $25,200 << < 17,100 33,150 Compute cost of goods manufactured. (Assume that all raw materials used were direct materials.) 2022 $183,000 268,400 219,600 $ 1,110,200 WINDSOR COMPANY Cost of Goods Manufactured Schedule December 31, 2022 183000 171600 $36,600 $ 21.150 25,620 268400 219600 659.600 $ 0000 $ 21 670 21 655
Use the included information about Raw Materials Inventory (RM), Work in Process Inventory (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 2 3 4 5 6 7 1 00 RM B Bal T1 T2 T3 T4 E Bal 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17 430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200
Sheffield Corp. reported the following year-end information: beginning work in process inventory, $88000; cost of goods manufactured, $820000; beginning finished goods inventory, $58000; ending work in process inventory, $78000; and ending finished goods inventory, $48000. How much is Sheffield’s cost of goods sold for the year? $810000 $830000 $820000 $840000
Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 48,000 32,000 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? D. What amount of prime costs was added to production during 2022? E. What amount of conversion costs was added to production during 2022?
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Using the information below, compute the raw materials inventory turnover: Raw materials used $ 161,600 Beginning raw materials inventory 20,000 Ending raw materials inventory 22,200
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