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

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EA: Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance...

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During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
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