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Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the fallowing information for May: Cost of direct materials used in production $17,300 Direct labor 44,700 Factory overhead 28,800 Work in process inventory, May 1 72.100 Work in process inventory, May 31 76,400 Finished goods inventory, May 1 30,300 Finished goods inventory, May 31 34,600 a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 Company Statement of Cost of Goods Manufactured Work in process inventory, May 1 Cost of direct materials used in production Direct labor Factory overhead v Total manufacturing costs incurred during May Total manufacturing costs Less work in process inventory, May 31 Cost of goods manufactured Feadback Check My Won a. Add direct materials, direct labor, and overhead to the beginning work in process. Subtract the en b. For May, using the data given, prepare a statement of Cost of Goods Sold. Princeton 3 Company Statement of Cost of Goods Sold Finished goods inventory, May 1 Cost of goods manufactured v Cost of finished goods available for sale Less finished goods inventory, May 31 v Cost of goods sold

Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the fallowing information for May: Cost of direct materials used in production $17,300 Direct labor 44,700 Factory overhead 28,800 Work in process inventory, May 1 72.100 Work in process inventory, May 31 76,400 Finished goods inventory, May 1 30,300 Finished goods inventory, May 31 34,600 a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 Company Statement of Cost of Goods Manufactured Work in process inventory, May 1 Cost of direct materials used in production Direct labor Factory overhead v Total manufacturing costs incurred during May Total manufacturing costs Less work in process inventory, May 31 Cost of goods manufactured Feadback Check My Won a. Add direct materials, direct labor, and overhead to the beginning work in process. Subtract the en b. For May, using the data given, prepare a statement of Cost of Goods Sold. Princeton 3 Company Statement of Cost of Goods Sold Finished goods inventory, May 1 Cost of goods manufactured v Cost of finished goods available for sale Less finished goods inventory, May 31 v Cost of goods sold

FINANCIAL ACCOUNTING
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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Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $17,300 Direct labor 44,700 Factory overhead 28,800 Work in process inventory, May 1 72,100 Work in process inventory, May 31 76,400 Finished goods inventory, May 1 Finished goods inventory, May 31 30,300 34,600 a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 Company Statement of Cost of Goods Manufactured Work in process inventory, May 1 Cost of direct materials used in production v Direct labor v Factory overhead v Total manufacturing costs incurred during May Total manufacturing costs Less work in process inventory, May 31 v Cost of goods manufactured Foedback Check My Work a. Add direct materials, direct labor, and overhead to the beginning work in process. Subtract the ending work in process. b. For May, using the data given, prepare a statement of Cost of Goods Sold. Princeton 3 Company Statement of Cost of Goods Sold Finished goods inventory, May 1 Cost of goods manufactured v Cost of finished goods available for sale Less finished goods inventory, May 31 v Cost of goods sold
Transcribed Image Text:Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $17,300 Direct labor 44,700 Factory overhead 28,800 Work in process inventory, May 1 72,100 Work in process inventory, May 31 76,400 Finished goods inventory, May 1 Finished goods inventory, May 31 30,300 34,600 a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 Company Statement of Cost of Goods Manufactured Work in process inventory, May 1 Cost of direct materials used in production v Direct labor v Factory overhead v Total manufacturing costs incurred during May Total manufacturing costs Less work in process inventory, May 31 v Cost of goods manufactured Foedback Check My Work a. Add direct materials, direct labor, and overhead to the beginning work in process. Subtract the ending work in process. b. For May, using the data given, prepare a statement of Cost of Goods Sold. Princeton 3 Company Statement of Cost of Goods Sold Finished goods inventory, May 1 Cost of goods manufactured v Cost of finished goods available for sale Less finished goods inventory, May 31 v Cost of goods sold
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