Prepare Statements for a Manufacturing Company The following balances are from the accounts of Hill Components: January 1 (Beginning) December 31 (Ending) Direct materials inventory ............... $48,100 $44,200 Work-in-process inventory .............. 67,730 71,500 Finished goods inventory ................ 15,600 18,200 Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900. Required Find the following by completing a cost of goods sold statement: a. Cost of direct materials purchased during the year. b. Cost of goods manufactured during the year. c. Total manufacturing costs incurred during the year.
Prepare Statements for a Manufacturing Company The following balances are from the accounts of Hill Components: January 1 (Beginning) December 31 (Ending) Direct materials inventory ............... $48,100 $44,200 Work-in-process inventory .............. 67,730 71,500 Finished goods inventory ................ 15,600 18,200 Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900. Required Find the following by completing a cost of goods sold statement: a. Cost of direct materials purchased during the year. b. Cost of goods manufactured during the year. c. Total manufacturing costs incurred during the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare Statements for a Manufacturing Company
The following balances are from the accounts of Hill Components:
January 1 (Beginning) December 31 (Ending)
Direct materials inventory ............... $48,100 $44,200
Work-in-process inventory .............. 67,730 71,500
Finished goods inventory ................ 15,600 18,200
Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.
Required
Find the following by completing a cost of goods sold statement:
a. Cost of direct materials purchased during the year.
b. Cost of goods manufactured during the year.
c. Total
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education