Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, May 1 Work in process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31 $33,000 38,000 a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 Company Statement of Cost of Goods Manufactured Cost of goods manufactured 27,000 25,000 25,830 22,000 14,000 Total manufacturing costs incurred during May Total manufacturing costs Cost of goods sold b. For May, using the data given, prepare a statement of Cost of Goods Sold. Princeton 3 Company Statement of Cost of Goods Sold
Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, May 1 Work in process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31 $33,000 38,000 a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 Company Statement of Cost of Goods Manufactured Cost of goods manufactured 27,000 25,000 25,830 22,000 14,000 Total manufacturing costs incurred during May Total manufacturing costs Cost of goods sold b. For May, using the data given, prepare a statement of Cost of Goods Sold. Princeton 3 Company Statement of Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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