Raw materials inventory Work in process inventory. Finished goods inventory.. Purchases of direct materials Direct labor.. Indirect labor. Beginning of Year $ $ $ 20,000 $ $ $ $ End of Year 23,000 $25,000 35,000 $ 31,000 22,000 74,000 86,000 42,000 Insurance on plant Depreciation-plant building and equipment Repairs and maintenance-plant Marketing expenses General and administrative expenses End of Year $ 11,500 $ 13,400 $ 3,700 $ 77,000 $ 28,500

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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Raw materials inventory
Work in process inventory
Finished goods inventory.
Purchases of direct materials
Direct labor..
Indirect labor.
Beginning
of Year
$
$
$
LA
End of
Year
23,000 $25,000
35,000 $31,000
20,000 $ 22,000
$
74,000
$
86,000
$
42,000
Insurance on plant
Depreciation-plant building and equipment
Repairs and maintenance-plant
Marketing expenses
General and administrative expenses
End of
Year
$ 11,500
$ 13,400
$
3,700
$ 77,000
$ 28,500
Transcribed Image Text:Raw materials inventory Work in process inventory Finished goods inventory. Purchases of direct materials Direct labor.. Indirect labor. Beginning of Year $ $ $ LA End of Year 23,000 $25,000 35,000 $31,000 20,000 $ 22,000 $ 74,000 $ 86,000 $ 42,000 Insurance on plant Depreciation-plant building and equipment Repairs and maintenance-plant Marketing expenses General and administrative expenses End of Year $ 11,500 $ 13,400 $ 3,700 $ 77,000 $ 28,500
West Nautical Company
Calculation of Cost of Goods Sold
For Current Year
Beginning finished goods inventory
Plus: Cost of goods manufactured
Cost of goods available for sale
Less: Ending finished goods inventory
Cost of goods sold
20,000
Transcribed Image Text:West Nautical Company Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold 20,000
Expert Solution
Explanation -

Cost of Goods Sold -

Cost of Goods Sold is the cost incurred to sold goods to the customers. It includes Raw Material Consumed, Cost of Direct Labor, Factory Costs also Work in Process and Finished Goods.

Company sale products by adding profits in the cost of Goods sold in the form of sales price.

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