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The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) ($000) $ 712 $784 1,330 264 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000) Beginning work-in-process inventory Manufacturing costs: Direct materials: 1,154 139 Beginning inventory Purchases Materials available Less: Ending inventory Direct materials used 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 Cost of goods sold $ $ 712 1,096,072 1,096,784 784 $ 1,096,000 $ 1,154

The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) ($000) $ 712 $784 1,330 264 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000) Beginning work-in-process inventory Manufacturing costs: Direct materials: 1,154 139 Beginning inventory Purchases Materials available Less: Ending inventory Direct materials used 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 Cost of goods sold $ $ 712 1,096,072 1,096,784 784 $ 1,096,000 $ 1,154

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 (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) ($000) $ 712 $784 1,330 264 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000) Beginning work-in-process inventory Manufacturing costs: Direct materials: 1,154 139 Beginning inventory Purchases Materials available Less: Ending inventory Direct materials used 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 Cost of goods sold $ $ 712 1,096,072 1,096,784 784 $ 1,096,000 $ 1,154
Transcribed Image Text:The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) ($000) $ 712 $784 1,330 264 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000) Beginning work-in-process inventory Manufacturing costs: Direct materials: 1,154 139 Beginning inventory Purchases Materials available Less: Ending inventory Direct materials used 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 Cost of goods sold $ $ 712 1,096,072 1,096,784 784 $ 1,096,000 $ 1,154
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