Cost of Goods Sold, Cost of Goods ManufacturedPrinceton 3 Company has the following information for May:Cost of direct materials used in production$54,000Direct labor59,000Factory overhead36,000Work in process inventory, May 147,000Work in process inventory, May 3137,240Finished goods inventory, May 122,000Finished goods inventory, May 3117,000 b. For May, using the data given, prepare a statement of Cost of Goods Sold.Princeton 3 CompanyStatement of Cost of Goods SoldFinished goods inventory, May 1 v2$Cost of goods manufacturedCost of finished goods available for saleLess finished goods inventory, May 31Cost of goods sold

Cost of goods sold: It can be defined as the carrying value of goods that have been sold by the…

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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, Cost of Goods Manufactured

Princeton 3 Company has the following information for May:

Cost of direct materials used in production	$54,000
Direct labor	59,000
Factory overhead	36,000
Work in process inventory, May 1	47,000
Work in process inventory, May 31	37,240
Finished goods inventory, May 1	22,000
Finished goods inventory, May 31	17,000

b. For May, using the data given, prepare a statement of Cost of Goods Sold.
Princeton 3 Company
Statement of Cost of Goods Sold
Finished goods inventory, May 1 v
2$
Cost of goods manufactured
Cost of finished goods available for sale
Less finished goods inventory, May 31
Cost of goods sold

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