The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning) $ 36,000 62,000 March 31 (Ending) $ 41,000 66,200 42,500 38,200 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the month amount to $525,000 and the cost of goods sold for the month was $1,436,000. Required: Prepare a cost of goods sold statement.

The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning) $ 36,000 62,000 March 31 (Ending) $ 41,000 66,200 42,500 38,200 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the month amount to $525,000 and the cost of goods sold for the month was $1,436,000. Required: Prepare a cost of goods sold statement.

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Description: Manufacturing costs:Direct materials:Materials availableDirect materials usedTotal manufacturing costsTotal costs of work-in-processCost of goods manufacturedFinished goods available for saleCost of goods soldGREUSEL FABRICATIONCost of Goods Sold St

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Manufacturing costs:
Direct materials:
Materials available
Direct materials used
Total manufacturing costs
Total costs of work-in-process
Cost of goods manufactured
Finished goods available for sale
Cost of goods sold
GREUSEL FABRICATION
Cost of Goods Sold Statement
For the Month Ended March 31

The following balances appear on the accounts of Greusel Fabrication:
March 1
(Beginning)
$ 36,000
62,000
March 31
(Ending)
$ 41,000
66,200
42,500
38,200
Direct materials inventory
Work-in-process inventory
Finished goods inventory
Direct materials used during the month amount to $525,000 and the cost of goods sold for the month was $1,436,000.
Required:
Prepare a cost of goods sold statement.

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