Sierra Co. provided the following information for the year ended December 31, 20Y1CostsAmountsWork-in-process inventory beginning balanceWork-in-process inventory - ending balanceFinished goods inventory beginning balanceFinished goods inventory - ending balanceDirect material placed in production$620,000$570,000$150,000$170,000$78,000$85,000$245.000Selling expensesGeneral and administrative expensesDirect labor used in productionManufacturing overheadCosts of goods manufactured for the year ended December 31, 20Y1 is: $$130,000$590,000Costs of goods sold for the year ended December 31, 20Y1 is: $Instruction: Do not use "$" in your answer. Use thousand separator. E.g., 1,500,000

Sierra Co. provided the following information for the year ended December 31, 20Y1 Costs Amounts Work-in-process inventory - beginning balance Work-in-process inventory - ending balance $620,000 $570,000 $150,000 $170,000 $78,000 $85,000 $245,000 $130,000 $590,000 Finished goods inventory - beginning balance Finished goods inventory - ending balance Direct material placed in production Selling expenses General and administrative expenses Direct labor used in production Manufacturing overhead Costs of goods manufactured for the year ended December 31, 20Y1 is: $ Costs of goods sold for the year ended December 31, 20Y1 is: $ Instruction: Do not use "$" in your answer. Use thousand separator. E.g., 1,500,000

Sierra Co. provided the following information for the year ended December 31, 20Y1 Costs Amounts Work-in-process inventory - beginning balance Work-in-process inventory - ending balance $620,000 $570,000 $150,000 $170,000 $78,000 $85,000 $245,000 $130,000 $590,000 Finished goods inventory - beginning balance Finished goods inventory - ending balance Direct material placed in production Selling expenses General and administrative expenses Direct labor used in production Manufacturing overhead Costs of goods manufactured for the year ended December 31, 20Y1 is: $ Costs of goods sold for the year ended December 31, 20Y1 is: $ Instruction: Do not use "$" in your answer. Use thousand separator. E.g., 1,500,000

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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Manufacturing costs: Direct materials: Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (I.e., 234,000 should be entered as 234). Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale January 1 (Beginning) ($000) $ 712 Cost of goods sold December 31 (Ending) ($000) $784 1,330 264 1,154 139 BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)
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