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

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Description: Please do not give solution in image format thanku The following balances (in thousands of dollars) are from the accounts of Birwood Furniture:January 1 December 31(Beginning) (Ending)($000)($000)$ 712$7841,330264Direct materials inventoryWork-in-pro

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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