The following balances (in thousands of dollars) are from the accounts of Birwood Furniture:January 1 December 31(Beginning) (Ending)($000)$ 732($000)$8041,1741,350159284Direct materials inventoryWork-in-process inventory.Finished goods inventoryDirect materials used during the year amount to $1,296,000 and the cost of goods sold for the year was $1,478,000.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).Beginning work-in-process inventoryManufacturing costs:Direct materials:Beginning inventoryPurchasesMaterials availableDirect materials usedTotal manufacturing costsTotal costs of work-in-processBIRWOOD FURNITURECost of Goods Sold StatementFor the Year Ended December 31($000)Cost of goods manufactured$732< Prev$+3 of 5HH1,174Next >

Name: The following balances (in thousands of dollars) are from the account
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following balances (in thousands of dollars) are from the accounts of Birwood Furniture:January 1 December 31(Beginning) (Ending)($000)$ 732($000)$8041,1741,350159284Direct materials inventoryWork-in-process inventory.Finished goods inventoryDir

The cost of goods sold is cost incurred on the goods that are sold. It is deducted from the sales…

Business

Accounting

The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) ($000) $ 732 $804 1,174 1,350 159 284 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,296,000 and the cost of goods sold for the year was $1,478,000.

The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) ($000) $ 732 $804 1,174 1,350 159 284 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,296,000 and the cost of goods sold for the year was $1,478,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following were taken from the general ledger and other data of Du- sik Manufacturing on July 31: Finished goods, July 1- P85,000; Cost of goods manufactured in July P343,000; Finished goods, July 31 is P93,000. Compute the cost of goods sold *
Kelly Company had finished goods inventory $3,200 on January 1 and $4,000 on December 31. During the year, cost of goods sold was $14,200. Cost of goods manufactured was: bage O a. $21,400 O b. $11,000 O c. $15,000 O d. $17,400 cianmont Groun Accionmont on Joh ype here to search W S £ E D $ C O HI R F % 5 G O G 6 # B C & 7 H N W 9 M N Time left 0:462 0 Next page PH 27°C Ligh
In its first month of operations, Tamarisk, Inc. made three purchases of merchandise in the following sequence: (1) 165 units at $8, (2) 470 units at $9, and (3) 135 units at $10. (a1) Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 15.225.
Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021 Raw Materials Inventory $500 $800 Work-in-Progress Inventory $1,200 $1,300 Finished Goods Inventory $600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900 Selling & Admin expenses: $3,600 Interest expense: $160 Income tax rate: 20% What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement? Question 8 options: $2,875 $2,775 $2,850 $2,625
Lawson Manufacturing Company has the following account balances at year end: Office supplies Raw materials Work-in-process $ 4,000 25,000 61,000 Finished goods 109,000 Prepaid insurance 6,000 What amount should Lawson report as inventories in its balance sheet?
On December 31st Baxter inc has costs of goods sold of 360,000 ending inventory is 17,000. Beginning inventory is 20,000. And and average accounts payable is 84,000. What is the accounts payable turnover expressed as days -64 -86 -84 -95
The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
The following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 發 Balances in inventory August 31 August 1 Materiais Work in Process Finished Goods $65,000547,000 $60.000 *Sue00 M The total amount of inventory to be included in Elite's August 31st balance sheet amounts to A. $135,000 B. $210,000 C. $160,000 D. Some other amount 1 1109