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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F93d7a298-cd3f-4ed0-b4a3-8c46ee711833%2F2ad82968-a83e-4c49-83af-2cf6d097f386%2Fb4nsa7_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
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