The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning) March 31 (Ending) $ 45,000 71,000 51,500 Direct materials used during the month amount to $534,000 and the cost of goods sold for the month was $1,526,000. Direct materials inventory Work-in-process inventory Finished goods inventory Required: Prepare a cost of goods sold statement. GREUSEL FABRICATION Cost of Goods Sold Statement For the Month Ended March 31 $50,000 75,200 47,200
The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning) March 31 (Ending) $ 45,000 71,000 51,500 Direct materials used during the month amount to $534,000 and the cost of goods sold for the month was $1,526,000. Direct materials inventory Work-in-process inventory Finished goods inventory Required: Prepare a cost of goods sold statement. GREUSEL FABRICATION Cost of Goods Sold Statement For the Month Ended March 31 $50,000 75,200 47,200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![The following balances appear on the accounts of Greusel Fabrication:
March 11
(Beginning)
$ 45,000
March 31
(Ending)
$50,000
75,200
71,000
51,500
47,200
Direct materials used during the month amount to $534,000 and the cost of goods sold for the month was $1,526,000.
Required:
Prepare a cost of goods sold statement.
Direct materials inventory
Work-in-process inventory
Finished goods inventory
Manufacturing costs
Direct materials
Materials available
GREUSEL FABRICATION
Cost of Goods Sold Statement
For the Month Ended March 31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F05a5d9dd-7152-4866-8487-cb9d166cadfb%2F0870b61e-6e82-49f2-9c4a-ebd6c4b5f79c%2Fdxemian_processed.png&w=3840&q=75)
Transcribed Image Text:The following balances appear on the accounts of Greusel Fabrication:
March 11
(Beginning)
$ 45,000
March 31
(Ending)
$50,000
75,200
71,000
51,500
47,200
Direct materials used during the month amount to $534,000 and the cost of goods sold for the month was $1,526,000.
Required:
Prepare a cost of goods sold statement.
Direct materials inventory
Work-in-process inventory
Finished goods inventory
Manufacturing costs
Direct materials
Materials available
GREUSEL FABRICATION
Cost of Goods Sold Statement
For the Month Ended March 31
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