The following balances are from the accounts of Santa Maria Parts:July 1(Beginning)$ 95,800Direct materials inventoryWork-in-process inventoryFinished goods inventory88,60097,000Direct materials purchased during the quarter amount to $670,000, and the cost of goods sold for the quarter was $1,930,000.Required:Prepare a cost of goods sold statement.Manufacturing costs:Direct materials:Materials availableDirect materials usedTotal manufacturing costsTotal costs of work-in-processSANTA MARIA PARTSCost of Goods Sold StatementFor the Quarter Ended September 30Cost of goods manufacturedFinished goods available for saleCost of goods soldSeptember 30(Ending)$ 113,400$56,20091,0000$0$$00000

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Description: The following balances are from the accounts of Santa Maria Parts:July 1(Beginning)$ 95,800Direct materials inventoryWork-in-process inventoryFinished goods inventory88,60097,000Direct materials purchased during the quarter amount to $670,000, and t

Cost of goods sold -The sum of all expenses incurred in producing an item or service that has been…

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The following balances are from the accounts of Santa Maria Parts: July 1 (Beginning) $ 95,800 Direct materials inventory Work-in-process inventory Finished goods inventory Manufacturing costs: Direct materials: Materials available September 30 (Ending) 113,400 88,600 97,000 Direct materials purchased during the quarter amount to $670,000, and the cost of goods sold for the quarter was $1,930,000. Required: Prepare a cost of goods sold statement. $ $ SANTA MARIA PARTS Cost of Goods Sold Statement For the Quarter Ended September 30 56,200 91,000 0

The following balances are from the accounts of Santa Maria Parts: July 1 (Beginning) $ 95,800 Direct materials inventory Work-in-process inventory Finished goods inventory Manufacturing costs: Direct materials: Materials available September 30 (Ending) 113,400 88,600 97,000 Direct materials purchased during the quarter amount to $670,000, and the cost of goods sold for the quarter was $1,930,000. Required: Prepare a cost of goods sold statement. $ $ SANTA MARIA PARTS Cost of Goods Sold Statement For the Quarter Ended September 30 56,200 91,000 0

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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Question

The following balances are from the accounts of Santa Maria Parts:
July 1
(Beginning)
$ 95,800
Direct materials inventory
Work-in-process inventory
Finished goods inventory
88,600
97,000
Direct materials purchased during the quarter amount to $670,000, and the cost of goods sold for the quarter was $1,930,000.
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
Finished goods available for sale
Cost of goods sold
September 30
(Ending)
$ 113,400
$
56,200
91,000
0
$
0
$
$
0
0
0
0
0

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