Using the Cost of Goods Manufactured calculated in your sch cgm worksheet and adding data needed from the balance sheet, calculate the Cost of goods sold. Balance Sheet: 2/1/2021 2/29/2021 Cash $ 200,000 $ 1,595,310 AR $ 1,000,000 $ 1,487,096 Supplies $ 20,000 $ 20,000 Inventory RM $ 75,860 $ 296,190 Inventory WIP $ 140,000 $ 120,000 Inventory finished goods $ 179,680 $ 106,980 Equipment-office $ 15,000 $ 15,000 Accumulated depreciation $ (3,250) $ (3,500) Equipment-sales $ 10,000 $ 10,000 Accumulated depreciation $ (2,167) $ (2,333) Equipment-factory $ 75,000 $ 75,000 Accumulated depreciation $ (16,250) $ (21,250) $ 1,693,873 $ 3,698,493 AP $ 50,000 $ 46,250 Wage payable $ 250,000 $ 250,000 Stockholder equity $ 1,393,873 $ 3,402,243 Total liability and stockholder equity $ 1,693,873 $ 3,698,493 I know that the Cost of Goods Manufacture is $10,082,567 and the Cost of Goods Sold is $10,155,267, I am just unware what to add/subtract to get that answer.

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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Using the Cost of Goods Manufactured calculated in your sch cgm worksheet and adding data needed from the balance sheet, calculate the Cost of goods sold.

Balance Sheet:

	2/1/2021	2/29/2021
Cash	$ 200,000	$ 1,595,310
AR	$ 1,000,000	$ 1,487,096
Supplies	$ 20,000	$ 20,000
Inventory RM	$ 75,860	$ 296,190
Inventory WIP	$ 140,000	$ 120,000
Inventory finished goods	$ 179,680	$ 106,980
Equipment-office	$ 15,000	$ 15,000
Accumulated depreciation	$ (3,250)	$ (3,500)
Equipment-sales	$ 10,000	$ 10,000
Accumulated depreciation	$ (2,167)	$ (2,333)
Equipment-factory	$ 75,000	$ 75,000
Accumulated depreciation	$ (16,250)	$ (21,250)
	$ 1,693,873	$ 3,698,493

AP	$ 50,000	$ 46,250
Wage payable	$ 250,000	$ 250,000

Stockholder equity	$ 1,393,873	$ 3,402,243
Total liability and stockholder equity	$ 1,693,873	$ 3,698,493

I know that the Cost of Goods Manufacture is $10,082,567 and the Cost of Goods Sold is $10,155,267, I am just unware what to add/subtract to get that answer.

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