The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning) $ 43,000 Direct materials inventory Work-in-process inventory Finished goods inventory March 31 (Ending) $ 48,000 73,200 69,000 49,500 45,200 Direct materials used during the month amount to $532,000 and the cost of goods sold for the month was $1,506,000. Required: Prepare a cost of goods sold statement. 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) $ 43,000 Direct materials inventory Work-in-process inventory Finished goods inventory March 31 (Ending) $ 48,000 73,200 69,000 49,500 45,200 Direct materials used during the month amount to $532,000 and the cost of goods sold for the month was $1,506,000. Required: Prepare a cost of goods sold statement. 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
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:The following balances appear on the accounts of Greusel Fabrication:
March 11
(Beginning)
$ 43,000
Direct materials inventory
Work-in-process inventory
Finished goods inventory
March 31
(Ending)
$ 48,000
73,200
69,000
49,500
45,200
Direct materials used during the month amount to $532,000 and the cost of goods sold for the month was $1,506,000.
Required:
Prepare a cost of goods sold statement.
Manufacturing costs:
Direct materials:
Materials available i
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
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