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WHAT IS THE TOTAL COST OF GOODS SOLD?

WHAT IS THE TOTAL COST OF GOODS SOLD?

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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WHAT IS THE TOTAL COST OF GOODS SOLD?

559,000 5,500 Sales Sales returns Inventories, January 1: Raw materials Work in process Finished goods Inventories, December 31: 13,100 23,800 44,200 14,500 17,750 41,200 105,000 205,300 1,700 1,250 Raw materials Work in process Finished goods Direct labor Raw materials purchases Purchase returns and allowances Purchase discounts Freight in Advertising Amortization - patents 850 20,000 3,300 2,000 4,400 2,550 6,400 7,700 8,400 6,500 7,800 3,530 5,600 5,000 15,500 1,320 44,500 6,500 1,050 Bad debts Depreciation - factory building Depreciation - machinery and factory equipment Depreciation - office equipment Depreciation - store equipment Dividends paid Factory light and power Factory supplies used Indirect labor Interest income Miscellaneous factory expenses Office salaries Property taxes and insurance - office Sales salaries Office supervision Factory tools (amount is immaterial) Note: Income tax rate applicable for the company is 30%.
Transcribed Image Text:559,000 5,500 Sales Sales returns Inventories, January 1: Raw materials Work in process Finished goods Inventories, December 31: 13,100 23,800 44,200 14,500 17,750 41,200 105,000 205,300 1,700 1,250 Raw materials Work in process Finished goods Direct labor Raw materials purchases Purchase returns and allowances Purchase discounts Freight in Advertising Amortization - patents 850 20,000 3,300 2,000 4,400 2,550 6,400 7,700 8,400 6,500 7,800 3,530 5,600 5,000 15,500 1,320 44,500 6,500 1,050 Bad debts Depreciation - factory building Depreciation - machinery and factory equipment Depreciation - office equipment Depreciation - store equipment Dividends paid Factory light and power Factory supplies used Indirect labor Interest income Miscellaneous factory expenses Office salaries Property taxes and insurance - office Sales salaries Office supervision Factory tools (amount is immaterial) Note: Income tax rate applicable for the company is 30%.
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