COMPUTE THE COST OF GOODS SOLDHOW TO ARRIVE AT THE NET INCOME IF A CORPORATION IS A MANUFACTURING CONCERN? The details of this account are shown below:Direct Materials Inventory BeginningAssembly Parts Inventory BeginningTotal Raw Materials BeginningAdd (Deduct):Direct Materials PurchasesAssembly Parts PurchasesTotal PurchasesReturns and AllowancesInventory Writedown** ****Total Materials and Parts Available for useDirect Materials Inventory EndingAssembly Parts Inventory EndingTotal Materials UsedDirect LaborFactory OverheadTotal Manufacturing CostWork In Process BeginningTotal Goods Placed in ProcessWork in Process EndingCost of Goods ManufacturedFinished Goods BeginningTotal Goods Available for SaleFinished Goods Inventory, EndTotal Cost of Goods Sold20211,051,3388,31927,346,98013,537,40298,568125,7738,649,11088,383,130296,805815,238469,335546,61420201,571,279992,5706,454,08616,886,3891,051,3388,3195,541,95530,807,40744,000296,805905,332469,355

The cost of goods sold includes all the direct expenses or costs incurred in making of a product. It…

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Business

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COMPUTE THE COST OF GOODS SOLD HOW TO ARRIVE AT THE NET INCOME IF A CORPORATION IS A MANUFACTURING CONCERN?

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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Question

COMPUTE THE COST OF GOODS SOLD
HOW TO ARRIVE AT THE NET INCOME IF A CORPORATION IS A MANUFACTURING CONCERN?

The details of this account are shown below:
Direct Materials Inventory Beginning
Assembly Parts Inventory Beginning
Total Raw Materials Beginning
Add (Deduct):
Direct Materials Purchases
Assembly Parts Purchases
Total Purchases
Returns and Allowances
Inventory Writedown
** ****
Total Materials and Parts Available for use
Direct Materials Inventory Ending
Assembly Parts Inventory Ending
Total Materials Used
Direct Labor
Factory Overhead
Total Manufacturing Cost
Work In Process Beginning
Total Goods Placed in Process
Work in Process Ending
Cost of Goods Manufactured
Finished Goods Beginning
Total Goods Available for Sale
Finished Goods Inventory, End
Total Cost of Goods Sold
2021
1,051,338
8,319
27,346,980
13,537,402
98,568
125,773
8,649,110
88,383,130
296,805
815,238
469,335
546,614
2020
1,571,279
992,570
6,454,086
16,886,389
1,051,338
8,319
5,541,955
30,807,407
44,000
296,805
905,332
469,355

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