The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning) (Ending) Direct materials inventory $ 21,900 $ 24,800 Work-in-process inventory 32,400 28,700 Finished goods inventory 5,000 7,000 Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $53,400. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 ? _____________________________ ____________ __________ _____?_______ Manufacturing costs: ____________ ____________ __________ ____________ Direct materials________________ ____________ __________ ____________ ________?_____________________ ____?________ __________ _____________ _________?_______________ ___?__________ __________ __________ Materials available_______________ ______? _________ __________ __________ __________?____________________ _____?__________ __________ __________ Direct materials used______________ _______________ ______? ____ __________ __________?_____________________ ________________ _____?______ __________ Total manufacturing costs__________ ________________ ___________ ___? _______ Total costs of work-in-process_______ ________________ ___________ ____? _______ __________?_____________________ ________________ ___________ ____?________ Cost of goods manufactured________ ________________ ___________ _____? ________ __________?_____________________ ________________ ___________ _______?______ Finished goods available for sale_____ ________________ ___________ _______? _______ __________?_____________________ ________________ ___________ _________?_______
The following balances are from the accounts of Tappan Parts:
January 1 December 31
(Beginning) (Ending)
Direct materials inventory $ 21,900 $ 24,800
Work-in-process inventory 32,400 28,700
Finished goods inventory 5,000 7,000
Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $53,400.
Required:
Prepare a cost of goods sold statement.
TAPPAN PARTS
Cost of Goods Sold Statement
For the Year Ended December 31
?
_____________________________ ____________ __________ _____?_______
Direct materials________________ ____________ __________ ____________
________?_____________________ ____?________ __________ _____________
_________?_______________ ___?__________ __________ __________
Materials available_______________ ______? _________ __________ __________
__________?____________________ _____?__________ __________ __________
Direct materials used______________ _______________ ______? ____ __________
__________?_____________________ ________________ _____?______ __________
Total manufacturing costs__________ ________________ ___________ ___? _______
Total costs of work-in-process_______ ________________ ___________ ____? _______
__________?_____________________ ________________ ___________ ____?________
Cost of goods manufactured________ ________________ ___________ _____? ________
__________?_____________________ ________________ ___________ _______?______
Finished goods available for sale_____ ________________ ___________ _______? _______
__________?_____________________ ________________ ___________ _________?_______
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
