Please do not give solution in image format thanku b. For May, using the data given, prepare a statement of Cost of Goods Sold.Princeton 3 CompanyStatement of Cost of Goods SoldFinished goods inventory, May 1Cost of goods manufacturedCost of finished goods available for saleLess finished goods inventory, May 31Cost of goods sold Cost of Goods Sold, Cost of Goods ManufacturedPrinceton 3 Company has the following information for May:Cost of direct materials used in production$63,000Direct labor72,000Factory overhead29,000Work in process inventory, May 149,000Work in process inventory, May 3146,860Finished goods inventory, May 121,000Finished goods inventory, May 3116,000a. For May, using the data given, prepare a statement of Cost of Goods Manufactured.Princeton 3 CompanyStatement of Cost of Goods ManufacturedWork in process inventory, May 1Cost of direct materials used in productionDirect laborFactory overheadTotal manufacturing costs incurred during MayTotal manufacturing costsLess work in process inventory, May 31Cost of goods manufactured1000

Cost of goods manufactured -The cost of Goods Manufactured is the total cost incurred for…

Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $63,000 Direct labor 72,000 29,000 49,000 46,860 21,000 16,000 Factory overhead Work in process inventory, May 1 Work in process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31

Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $63,000 Direct labor 72,000 29,000 49,000 46,860 21,000 16,000 Factory overhead Work in process inventory, May 1 Work in process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31

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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