Ee 45. Cost of Goods SoldPietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,500 units will be produced, with the following total costs:Direct materialsDirect laborVariable overheadFixed overheadNext year, Pietro expects to purchase $120,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows:Direct materialsInventory$7,000$6,900$3,00023,000205,000Work-In-ProcessInventory$14,400$16,400BeginningEndingPietro expects to produce 50,500 units and sell 49,800 units. Beginning inventory of finished goods is $42,500, and ending inventory of finished goods is expected to be$34,000.Cost of goods manufacturedAdd: Beginning finished goodsCost of goods available for saleLess: Ending finished goodsCost of goods soldRequired:1. Prepare a statement of cost of goods sold in good form.Pietro Frozen Foods, Inc.Statement of Cost of Goods SoldFor the Coming Year42,500

The cost of goods manufactured comprises direct materials used, direct labor and manufacturing…

Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,500 units will be produced, with the following total costs: Direct materials 7 Direct labor Variable overhead Fixed overhead $3,000 23,000 205,000 Next year, Pietro expects to purchase $120,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory $7,000 $6,900 Work-In-Process Inventory Beginning inding Metro expects to produce 50,500 units and sell 49,800 units. Beginning inventory of finished goods is $42,500, and ending inventory of finished goods is expected to be 34,000. $14,400 $16,400 equired: - Prepare a statement of cost of goods sold in good form. Pietro Frozen Foods, Inc.

Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,500 units will be produced, with the following total costs: Direct materials 7 Direct labor Variable overhead Fixed overhead $3,000 23,000 205,000 Next year, Pietro expects to purchase $120,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory $7,000 $6,900 Work-In-Process Inventory Beginning inding Metro expects to produce 50,500 units and sell 49,800 units. Beginning inventory of finished goods is $42,500, and ending inventory of finished goods is expected to be 34,000. $14,400 $16,400 equired: - Prepare a statement of cost of goods sold in good form. Pietro Frozen Foods, Inc.

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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