How do I solve for the Cost Of Goods Sold? MFG 27E [Read-Only] [Compatibility Mode] - ExcelP SearchCorey BeechFileHomeInsertPage LayoutFormulasDataReviewViewHelpB ShareX CutB CopyE AutoSumCourierv 10- A Aab Wrap TextCustomFill vPasteConditional Format asCellInsert Delete FormatSort & Find &BIU VA v A vE Merge & Center v$ • % 9 58 99S Format PainterFormatting vTable v Styles vO Clear vFilter v Select vClipboardFontAlignmentNumberStylesCellsEditingH44fxABDEHJKL.MPR1 MFG2Student Name34Data Section:56 Depreciation--equipmentDirect labor$45,000642,00091,50093,00076,410132,000172,50037,50026,250645,18030,30078Direct materials inventory, 1/1Dirmaterials inventory, 12/3110 Factory rent11 Finished goods, 1/112 Finished goods, 12/3113 Indirect labor14 Indirect materials15 Purchases of direct materials16 Work in process, 1/117 Work in process, 12/3128,6651819 Answer Section:2021Jackson Manufacturing22Schedule of Cost of Goods Manufactured23For the Year Ended December 312425 Work in process, 1/1$30,30026 Direct materials27 Direct materials inventory, 1/1$91,500FORMULA 1=645,18028Add:Purchases of Materials29$0FORMULA 2=93,00030Cost of direct materials available31 Less:Direct Material, 12/31MFGReady囲100%1:15 PM1/11/2022 MFG 27E [Read-Only] [Compatibility Mode] - ExcelP SearchCorey BeechFileHomeInsertPage LayoutFormulasDataReviewViewHelpB ShareX Cut- A Aab Wrap TextE AutoSumCourierv 10CustomLB CopyPasteFill vConditional Format asCellInsert Delete FormatSort & Find &BIU vA v A vE Merge & Center v$ • % 9 58 99S Format PainterFormatting vTable v Styles vO Clear vFilter v Select vClipboardFontAlignmentNumberStylesCellsEditingH44fxABDEFHJKL.MPR26 Direct materials$91,500FORMULA 1=645,18027Direct materials inventory, 1/128Add:Purchases of Materials2930Cost of direct materials available$031Less:Direct Material, 12/31FORMULA 2=93,0003233 Cost of direct materials usedFORMULA 3=55218034 Direct labor642,00035 Manufacturing overhead:36 Factory rent37 Depreciation - Equipment FORMULA 4=45,00038 Indirect Labor$76,410FORMULA 5=37,500FORMULA 6=26,25039Indirect Material185,1604041 Total manufacturing costsFORMULA 7=1,470,84042$0Total work in process available44 Less:43Work in Process, 12/31FORMULA 8=286654546 Cost of goods manufactured$1,472,47547============4849Schedule of Cost of Goods Sold50Finished Goods, 1/1FORMULA 10=132,00051Cost of goods manufactured1,472,47552Cost of goods available for saleFinished goods, 12/3153FORMULA 11=177697554Less:172,5005556 Cost of Goods SoldFORMULA 12=1604475MFGReady囲100%1:15 PM1/11/2022

Cost of goods sold is actual cost of goods that are being sold by the seller to the customers. This…

Answered: How do I solve for the Cost Of Goods…

How do I solve for the Cost Of Goods Sold?

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $121,000 61,000 7,600 111,000 24,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $46,000 15,000 22,000 36,000 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December 31.