Direct materials purchased during the year amount to $517,800, and the cost of goods sold for the year was $1,895,000. Prepare a cost of good sold statement. The following balances are from the accounts of Crabtree Machining Company:January 1 December 31(Ending)$ 109,000107,400(Beginning)$ 97,200Direct materials inventoryWork-in-process inventoryFinished goods inventory108,40043,60045,400Direct materials purchased during the year amount to $517,800, and the cost of goods sold for the year was $1,895,000.Required:Prepare a cost of goods sold statement.CRABTREE MACHINING COMPANYCost of Goods Sold StatementFor the Year Ended December 31Manufacturing costs:Direct materials:Materials availableDirect materials usedTotal manufacturing costsTotal costs of work-in-process Required:Prepare a cost of goods sold statement.CRABTREE MACHINING COMPANYCost of Goods Sold StatementFor the Year Ended December 31okManufacturing costs:Direct materials:Materials availablencesDirect materials usedTotal manufacturing costsTotal costs of work-in-processCost of goods manufacturedFinished goods available for saleCost of goods sold

The cost of goods sold includes the cost of goods sold during the period.

Answered: Direct materials purchased during the…

Direct materials purchased during the year amount to $517,800, and the cost of goods sold for the year was $1,895,000. Prepare a cost of good sold statement.

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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