Finished Goods Inventory The following data were available from Smith Co.'s records onDecember 31, Year 1:Finished goods inventory, 1/1/Year 1 $120,000Finished goods inventory, 12/31/Year 1 110,000Cost of goods manufacturedLoss on sale of plant equipment520,00050,000What was the cost of goods sold for Year 1?

Explanation of Cost of Goods Sold (COGS): Cost of Goods Sold represents the direct costs associated…

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Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
The following inventory data relate to Edwards, Inc.: Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods sold. d. Gross profit.
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Oriole Company had the following information at December 31: Finished goods inventory, January 1 $ 70000 Finished goods inventory, December 31 90000 If the cost of goods manufactured during the year amounted to $2200000 and annual sales were $2750000, the amount of gross profit for the year is $550000. $2180000. $570000. $530000.
COGM
Suppose that applied accounts of a production company is as attached. The inventory balances is as follows: raw materials (beginning: 140.000 TL, ending: 115.000 TL), work-in process (beginning: 60.000 TL, ending: 55.000 TL) and finished goods (beginning: 65.000 TL, ending: 80.000 TL). The sales revenue is 2.000.000 TL. Prepare the income statement. Applied to the cost Applied to the period costs Applied to the idle Applied to the cost of TOTAL of production capacity losses PPE Direct materials cost applied account 850,000.00 20,000.00 870.000.00 Direct labor cost applied account 260.000.00 250.000.00 10.000.00 400,000.00 10.000.00 40.000.00 450.000.00 Factory overhead applied account Selling expenses applied account General adm. Exp. Applied acount Financing expenses applied account 70.000.00 70,000.00 120,000,00 120.000.00 30.000.00 15.000.00 45.000.00 TOTAL 1.500.000.00 230.000.00 40.000.00 45.000.00 L815.000.00
Calculate the cost of goods sold for each company

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The following data were available from Smith Co.'s records on December 31, Year 1: Finished goods inventory, 1/1/Year 1 $120,000 Finished goods inventory, 12/31/Year 1 110,000 Cost of goods manufactured Loss on sale of plant equipment 520,000 50,000 What was the cost of goods sold for Year 1?