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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
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 50,500 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead 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 $3,000 23,000 205,000 Work-In-Process Inventory $14,400 $16,400 Beginning Ending Pietro 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 manufactured Add: Beginning finished goods Cost of goods available for sale Less: Ending finished goods Cost of goods sold Required: 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 42,500
Transcribed Image Text: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 Direct labor Variable overhead Fixed overhead 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 $3,000 23,000 205,000 Work-In-Process Inventory $14,400 $16,400 Beginning Ending Pietro 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 manufactured Add: Beginning finished goods Cost of goods available for sale Less: Ending finished goods Cost of goods sold Required: 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 42,500
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