The following balances are from the accounts of Tappan Parts:January 1(Beginning)Directmaterials.inventoryWork-in-processinventoryFinishedgoodsinventory$December31 (Ending)22,40032,2005,700$ 24,80029,2006,900Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $52,800.Required:Prepare a cost of goods sold statement.

Cost of goods sold The cost of goods which has been sold by the company is called as cost of goods…

The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) 22,400 Direct materials inventory Work-in- process inventory Finished goods inventory $ 32,200 5,700 $ 24,800 29,200 6,900 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $52,800. Required: Prepare a cost of goods sold statement.

The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) 22,400 Direct materials inventory Work-in- process inventory Finished goods inventory $ 32,200 5,700 $ 24,800 29,200 6,900 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $52,800. Required: Prepare a cost of goods sold statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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