The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning) (Ending) $ 22,400 $ 25,100 32,800 5,300 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $45,500 and the cost of goods sold for the year was $52,700. Required: Prepare a cost of goods sold statement. Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory Purchases Materials available Less: Ending inventory 28,900 6,600 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Direct materials used i Other manufacturing costs. Total manufacturing costs Total costs of work-in-process Less: Ending work-in-process Cost of goods manufactured Beginning finished goods inventory Finished goods available for sale Less Ending finished goods inventory 22,400 $ 32,800

The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning) (Ending) $ 22,400 $ 25,100 32,800 5,300 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $45,500 and the cost of goods sold for the year was $52,700. Required: Prepare a cost of goods sold statement. Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory Purchases Materials available Less: Ending inventory 28,900 6,600 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Direct materials used i Other manufacturing costs. Total manufacturing costs Total costs of work-in-process Less: Ending work-in-process Cost of goods manufactured Beginning finished goods inventory Finished goods available for sale Less Ending finished goods inventory 22,400 $ 32,800

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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