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 $ 752 $ 824 Work-in-process inventory 1,194 1,370 Finished goods inventory 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).
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 $ 752 $ 824 Work-in-process inventory 1,194 1,370 Finished goods inventory 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).
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 (Beginning) ($000) | December 31 (Ending) ($000) | |
|---|---|---|
| Direct materials inventory | $ 752 | $ 824 |
| Work-in-process inventory | 1,194 | 1,370 |
| Finished goods inventory | 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).
Transcribed Image Text: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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