Required:1. Prepare a statement of cost of goods sold in good form.Bob's BistroStatement of Cost of Goods SoldFor the Coming YearCost of goods manufacturedAdd: Beginning finished goodsCost of goods available for saleLess: Ending finished goodsCost of goods soldFeedbackCheck My Work1. See Example 2.3720,000 X13,000by $ 725,000 X733,000 X-10,000623,000 X2. What if the beginning inventory of finished goods increased by $4,000? What would be the effect on the costof goods sold?increase Cost of Goods SoldBob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will beproduced with the following total costs:Direct materialsDirect laborVariable overheadFixed overhead?$100,00060,000260,000Next year, Bob's Bistro expects to purchase $195,500 of direct materials. Projected beginning and endinginventories for direct materials and work in process are as follows:Direct MaterialsInventory$9,5005,000Work-in-ProcessInventory$4,5002,500BeginningEndingBob's Bistro expects to produce 50,000 units and sell 50,500 units. Beginning inventory of finished goods is$13,000, and ending inventory of finished goods is expected to be $10,000.

The cost of goods manufactured includes the cost of goods that are finished during the period. The…

Cost of Goods Sold Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will b produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Bob's Bistro expects to purchase $195,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct Materials Inventory $9,500 5,000 Beginning Ending ? $100,000 60,000 260,000 Work-in-Process Inventory $4,500 2,500 Bob's Bistro expects to produce 50,000 units and sell 50,500 units. Beginning inventory of finished goods is $13.000 and ending inventory of finished goods is expected to be $10.000

Cost of Goods Sold Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will b produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Bob's Bistro expects to purchase $195,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct Materials Inventory $9,500 5,000 Beginning Ending ? $100,000 60,000 260,000 Work-in-Process Inventory $4,500 2,500 Bob's Bistro expects to produce 50,000 units and sell 50,500 units. Beginning inventory of finished goods is $13.000 and ending inventory of finished goods is expected to be $10.000

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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