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In: Accounting

Given the following, calculate cost of goods sold: Inventories: Beginning Ending Direct materials $300 $250 Work...

Given the following, calculate cost of goods sold:

Inventories:

Beginning

Ending

Direct materials

$300

$250

Work in process

$400

$200

Finished goods

$500

$350

Direct material purchases $4,200

Direct labor $3,000

Manufacturing overhead $5,000

Solutions

Expert Solution

Answer :-

Particulars Amount ($)
Direct Material Beginning Balance             300.00
Direct Material Purchase         4,200.00
Direct Material Closing Balance           -250.00
Direct Material Used in Production         4,250.00
Direct Labour         3,000.00
Manufacturing overhead         5,000.00
Net Production Cost       12,250.00
Opening Work In Progress             400.00
Closing Work In Progress           -200.00
Cost of Finished Goods Manufactured       12,450.00
Opening Finished Goods             500.00
Closing Finished Goods           -350.00
Cost of Goods Sold       12,600.00

ekkarill92 answered 2 years ago
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