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The following balances are from the accounts of Tappan Parts January 1 (Beginning) Direct materials inventory Work in process inventory Finished goods inventory S 21,900 32,500 5,800 Chonbe 31 (Ending) 25,300 29,000 7.300 Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $53,300 Required: Prepare a cost of goods sold statement

The following balances are from the accounts of Tappan Parts January 1 (Beginning) Direct materials inventory Work in process inventory Finished goods inventory S 21,900 32,500 5,800 Chonbe 31 (Ending) 25,300 29,000 7.300 Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $53,300 Required: Prepare a cost of goods sold statement

FINANCIAL ACCOUNTING
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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The following balances are from the accounts of Tappan Parts January 1 (Beginning) December 31 (Endina) $ Direct materials inventory Work-in-process inventory Finished goods inventory Manufacturing costs: Direct materials Materials available Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $53,300. Required: Prepare a cost of goods sold statement. Direct materials used Total manufacturing costs Total costs of work-in-process 21,000 32,500 5,800 Cost of goods manufactured Finished goods available for sale Cast of goods sold $ TAPPANPARTS Cost of Goods Sold Statement For the Year Ended December 31 25,300 29,000 7.300 $ 0 S 0 3 S 0
Transcribed Image Text:The following balances are from the accounts of Tappan Parts January 1 (Beginning) December 31 (Endina) $ Direct materials inventory Work-in-process inventory Finished goods inventory Manufacturing costs: Direct materials Materials available Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $53,300. Required: Prepare a cost of goods sold statement. Direct materials used Total manufacturing costs Total costs of work-in-process 21,000 32,500 5,800 Cost of goods manufactured Finished goods available for sale Cast of goods sold $ TAPPANPARTS Cost of Goods Sold Statement For the Year Ended December 31 25,300 29,000 7.300 $ 0 S 0 3 S 0
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