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Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas, For next year, Pietro predicts that 52,400 units will be produced, with the following total costs: Direct materials 7 Direct labor 73,000 Variable overhead 27,000 Fixed overhead 240,000 Next year, Pietro expects to purchase $119,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows Direct materials Work-in-Process Inventory Beginning $13,700 $15,700 Ending Pietro expects to produce 52,400 units and sell 51,700 units. Beginning inventory of finished goods is $41,500, and ending inventory of finished goods is expected to $33,000. Required: Inventory $4,000 $3,900

Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas, For next year, Pietro predicts that 52,400 units will be produced, with the following total costs: Direct materials 7 Direct labor 73,000 Variable overhead 27,000 Fixed overhead 240,000 Next year, Pietro expects to purchase $119,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows Direct materials Work-in-Process Inventory Beginning $13,700 $15,700 Ending Pietro expects to produce 52,400 units and sell 51,700 units. Beginning inventory of finished goods is $41,500, and ending inventory of finished goods is expected to $33,000. Required: Inventory $4,000 $3,900

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 Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 52,400 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $119,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Required: ? Work-in-Process Inventory Beginning $13,700 $15,700 Ending Pietro expects to produce 52,400 units and sell 51,700 units. Beginning inventory of finished goods is $41,500, and ending inventory of finished goods is expected to be $33,000. Inventory $4,000 $3,900 73,000 27,000 240,000
Transcribed Image Text:Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 52,400 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $119,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Required: ? Work-in-Process Inventory Beginning $13,700 $15,700 Ending Pietro expects to produce 52,400 units and sell 51,700 units. Beginning inventory of finished goods is $41,500, and ending inventory of finished goods is expected to be $33,000. Inventory $4,000 $3,900 73,000 27,000 240,000
1. Prepare a statement of cost of goods sold in good form. Pietro Frozen Foods, Inc. Statement of Cost of Goods Sold For the Coming Year Ending finished goods Add: Cost of goods sold Cost of goods available for sale Less: Ending finished goods Cost of goods sold 41,500 33,000 2. What if the beginning inventory of finished goods decreased by $5,250? What would be the effect on the cost of goods sold? decrease -✓by s
Transcribed Image Text:1. Prepare a statement of cost of goods sold in good form. Pietro Frozen Foods, Inc. Statement of Cost of Goods Sold For the Coming Year Ending finished goods Add: Cost of goods sold Cost of goods available for sale Less: Ending finished goods Cost of goods sold 41,500 33,000 2. What if the beginning inventory of finished goods decreased by $5,250? What would be the effect on the cost of goods sold? decrease -✓by s
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