The following balances are from the accounts of Santa Maria Parts: July 1 (Beginning) $ 79,800 72,600 $1,000 Direct materials purchased during the quarter amount to $510,000, and the cost of goods sold for the quarter was $1,770,000. Direct materials inventory Work-in-process inventory Finished goods inventory Required: Prepare a cost of goods sold statement. September 30 (Ending) $ 97,400 40,200 75,000
The following balances are from the accounts of Santa Maria Parts: July 1 (Beginning) $ 79,800 72,600 $1,000 Direct materials purchased during the quarter amount to $510,000, and the cost of goods sold for the quarter was $1,770,000. Direct materials inventory Work-in-process inventory Finished goods inventory Required: Prepare a cost of goods sold statement. September 30 (Ending) $ 97,400 40,200 75,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The following balances are from the accounts of Santa Maria Parts:
July 1
(Beginning)
$79,800
Direct materials inventory
Work-in-process inventory
Finished goods inventory
72,600
91,000
Direct materials purchased during the quarter amount to $510,000, and the cost of goods sold for the quarter was $1,770,000.
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
SANTA MARIA PARTS
Cost of Goods Sold Statement
For the Quarter Ended September 30
Cost of goods manufactured
September 30
(Ending)
$ 97,400
40,200
75,000
Finished goods available for sale
Cost of goods sold
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