In our assignments should we use a table as shown in solutions or we can just simply write as an equation? Secondly, what will be statement of cost of goods manufactured?
In our assignments should we use a table as shown in solutions or we can just simply write as an equation? Secondly, what will be statement of cost of goods manufactured?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hi, In our assignments should we use a table as shown in solutions or we can just simply write as an equation? Secondly, what will be statement of cost of goods manufactured?
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In professor's notes, i noticed he added
![Solution #31
WIP, January 1, 2018
Direct materials:
Tippy Cup Co
Statement of cost of goods manufactured
For the year ended December 31, 2018
Material inventory, January 1,2018
Purchases
$15000
$18750
Cost of material available for use
$ 33750
Less material inventory, december 31, 2018 $13900
Cost of direct material used
Direct labor
Factory overhead
Total manufacturing costs incurred
Total manufacturing costs
Less WIP inventory, December 31, 2018
Cost of goods manufactured
$19850
$2575
$10550
$98750
$32975
$131725
$92350
$39375](https://content.bartleby.com/qna-images/question/b3335b9b-0493-4efc-a684-e12e6a5efc30/36ffa6ee-2b42-45b0-908d-11935479b499/py5j14_thumbnail.jpeg)
Transcribed Image Text:Solution #31
WIP, January 1, 2018
Direct materials:
Tippy Cup Co
Statement of cost of goods manufactured
For the year ended December 31, 2018
Material inventory, January 1,2018
Purchases
$15000
$18750
Cost of material available for use
$ 33750
Less material inventory, december 31, 2018 $13900
Cost of direct material used
Direct labor
Factory overhead
Total manufacturing costs incurred
Total manufacturing costs
Less WIP inventory, December 31, 2018
Cost of goods manufactured
$19850
$2575
$10550
$98750
$32975
$131725
$92350
$39375
Solution
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