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The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 (Beginning) ($000) December 31 (Ending) ($000) Direct materials inventory Work-in-process inventory Finished goods inventory $ 752 $ 824 1,194 1,370 179 304 Direct materials used during the year amount to $1,496,000 and the cost of goods sold for the year was $1,678,000. 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). 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 Cost of goods sold BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)

The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 (Beginning) ($000) December 31 (Ending) ($000) Direct materials inventory Work-in-process inventory Finished goods inventory $ 752 $ 824 1,194 1,370 179 304 Direct materials used during the year amount to $1,496,000 and the cost of goods sold for the year was $1,678,000. 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). 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 Cost of goods sold BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)

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: Direct materials inventory January 1 (Beginning) ($000) $ 752 1,194 179 December 31 (Ending) ($000) $ 824 Work-in-process inventory Finished goods inventory 1,370 304 Direct materials used during the year amount to $1,496,000 and the cost of goods sold for the year was $1,678,000. 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 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 Cost of goods sold ($000)
Transcribed Image Text:The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: Direct materials inventory January 1 (Beginning) ($000) $ 752 1,194 179 December 31 (Ending) ($000) $ 824 Work-in-process inventory Finished goods inventory 1,370 304 Direct materials used during the year amount to $1,496,000 and the cost of goods sold for the year was $1,678,000. 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 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 Cost of goods sold ($000)
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