The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning)March 31 (Ending)Direct materials inventory$ 37,000$ 42,000Work-in-process inventory63,00067,200Finished goods inventory43,50039,200Direct materials used during the month amount to $526,000 and the cost of goods sold for the month was $1,446,000.Required:Prepare a cost of goods sold statement. Beginning finished goods inventoryManufacturing costs:Direct materials:Materials availableDirect materials usedTotal manufacturing costsTotal costs of work-in-processCost of goods manufacturedFinished goods available for saleCost of goods soldGREUSEL FABRICATIONCost of Goods Sold StatementFor the Month Ended March 31

Name: The following balances appear on the accounts of Greusel Fabrication:
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Description: The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning)March 31 (Ending)Direct materials inventory$ 37,000$ 42,000Work-in-process inventory63,00067,200Finished goods inventory43,50039,200Direct materials used during

The COGS statement is an important part of a company's income statement since it helps to compute…

Answered: he following balances appear on the…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 15E: Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone...

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	March 1 (Beginning)	March 31 (Ending)
Direct materials inventory	$ 37,000	$ 42,000
Work-in-process inventory	63,000	67,200
Finished goods inventory	43,500	39,200

Required:

Prepare a cost of goods sold statement.

Beginning finished goods inventory
Manufacturing costs:
Direct materials:
Materials available
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
GREUSEL FABRICATION
Cost of Goods Sold Statement
For the Month Ended March 31

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