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Exercise 2-42 (Algo) Prepare Statements for a The following balances are from the accounts of Crabtree Machining Company. January 1 December 31 (Ending) 108,500 $ Direct materials inventory Work-in-process inventory Finished goods inventory (Beginning) $ 98,000 110,000 45,500 105,600 44,500 Direct materials purchased during the year amount to $514,700, and the cost of goods sold for the year was $1,870,000. Required: Prepare a cost of goods sold statement.

Exercise 2-42 (Algo) Prepare Statements for a The following balances are from the accounts of Crabtree Machining Company. January 1 December 31 (Ending) 108,500 $ Direct materials inventory Work-in-process inventory Finished goods inventory (Beginning) $ 98,000 110,000 45,500 105,600 44,500 Direct materials purchased during the year amount to $514,700, and the cost of goods sold for the year was $1,870,000. Required: Prepare a cost of goods sold statement.

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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Exercise 2-42 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The following balances are from the accounts of Crabtree Machining Company January 1 December 31 (Beginning) (Ending) $ 98,800 $ 108,500 110,000 45,500 105,600 44,500 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials purchased during the year amount to $514.700, and the cost of goods sold for the year was $1,870,000. Required: Prepare a cost of goods sold statement. Beginning work-in-process inventory Manufacturing costs Direct materials CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning inventory Beginning work-in-process inventory Materials available Add Ending inventory Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale Cost of goods sold $ 98.800 $ 98.800 $ 98,800 $ 110.000 S $ $ $ 98,800 208.800 208,800 208.800 208.800
Transcribed Image Text:Exercise 2-42 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The following balances are from the accounts of Crabtree Machining Company January 1 December 31 (Beginning) (Ending) $ 98,800 $ 108,500 110,000 45,500 105,600 44,500 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials purchased during the year amount to $514.700, and the cost of goods sold for the year was $1,870,000. Required: Prepare a cost of goods sold statement. Beginning work-in-process inventory Manufacturing costs Direct materials CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning inventory Beginning work-in-process inventory Materials available Add Ending inventory Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale Cost of goods sold $ 98.800 $ 98.800 $ 98,800 $ 110.000 S $ $ $ 98,800 208.800 208,800 208.800 208.800
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