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Princeton 3 Company has the following information for May: Cost of direct materials used in production $66,000 Direct labor 73,000 Factory overhead 37,000 Work in process inventory, May 1 59,000 Work in process inventory, May 31 58,750 Finished goods inventory, May 1 25,000 Finished goods inventory, May 31 19,000 Question Content Area a.  For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank     $- Select -   $- Select -     - Select -     - Select -   Total manufacturing costs incurred during May   fill in the blank 47477f001f8204f_9 Total manufacturing costs   $fill in the blank 47477f001f8204f_10     - Select - Cost of goods manufactured   $fill in the blank 47477f001f8204f_13         Question Content Area b.  For May, using the data given, prepare a statement of Cost of Goods Sold. Princeton 3 CompanyStatement of Cost of Goods Soldblank   $- Select -   - Select -   $- Select -   - Select - Cost of goods sold $fill in the blank 519a5006305bfba_9

Princeton 3 Company has the following information for May: Cost of direct materials used in production $66,000 Direct labor 73,000 Factory overhead 37,000 Work in process inventory, May 1 59,000 Work in process inventory, May 31 58,750 Finished goods inventory, May 1 25,000 Finished goods inventory, May 31 19,000 Question Content Area a.  For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank     $- Select -   $- Select -     - Select -     - Select -   Total manufacturing costs incurred during May   fill in the blank 47477f001f8204f_9 Total manufacturing costs   $fill in the blank 47477f001f8204f_10     - Select - Cost of goods manufactured   $fill in the blank 47477f001f8204f_13         Question Content Area b.  For May, using the data given, prepare a statement of Cost of Goods Sold. Princeton 3 CompanyStatement of Cost of Goods Soldblank   $- Select -   - Select -   $- Select -   - Select - Cost of goods sold $fill in the blank 519a5006305bfba_9

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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  1. Cost of Goods Sold, Cost of Goods Manufactured

    Princeton 3 Company has the following information for May:

    Cost of direct materials used in production $66,000
    Direct labor 73,000
    Factory overhead 37,000
    Work in process inventory, May 1 59,000
    Work in process inventory, May 31 58,750
    Finished goods inventory, May 1 25,000
    Finished goods inventory, May 31 19,000

    Question Content Area

    a.  For May, using the data given, prepare a statement of Cost of Goods Manufactured.

    Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank
     
    		   $- Select -
     
    		 $- Select -  
     
    		 - Select -  
     
    		 - Select -  
    Total manufacturing costs incurred during May   fill in the blank 47477f001f8204f_9
    Total manufacturing costs   $fill in the blank 47477f001f8204f_10
     
    		   - Select -
    Cost of goods manufactured   $fill in the blank 47477f001f8204f_13
         
     

    Question Content Area

    b.  For May, using the data given, prepare a statement of Cost of Goods Sold.

    Princeton 3 CompanyStatement of Cost of Goods Soldblank
     
    		 $- Select -
     
    		 - Select -
     
    		 $- Select -
     
    		 - Select -
    Cost of goods sold $fill in the blank 519a5006305bfba_9
     
     
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