The following balances are from the accounts of Crabtree Machining Company:
January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 98,000 $ 109,500 Work-in-process inventory 109,500 107,900 Finished goods inventory 45,100 45,100
Direct materials purchased during the year amount to $517,900, and the cost of goods sold for the year was $1,885,000.
Required:
Prepare a cost of goods sold statement.
The following balances are from the accounts of Crabtree Machining Company:
| January 1 (Beginning) | December 31 (Ending) | |||||
| Direct materials inventory | $ | 98,000 | $ | 109,500 | ||
| Work-in-process inventory | 109,500 | 107,900 | ||||
| Finished goods inventory | 45,100 | 45,100 | ||||
Direct materials purchased during the year amount to $517,900, and the cost of goods sold for the year was $1,885,000.
Required:
Prepare a cost of goods sold statement.
Related questions
The following balances are from the accounts of CrabtreeMachining Company:
| January 1 (Beginning) | December 31 (Ending) | |||||
| Direct materials inventory | $ | 98,500 | $ | 110,700 | ||
| Work-in-process inventory | 107,200 | 105,100 | ||||
| Finished goods inventory | 43,100 | 46,400 | ||||
Direct materials purchased during the year amount to $513,400,and the cost of goods sold for the year was $1,870,000.
Required:
Prepare a cost of goods sold statement.
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************I HAVE FIGURED OUT EVERY NUMBER BESIDES THE OTHERMANUFACTURING COST!!!! HOW DO I FIGURE OUT THATNUMBER???????????????????? ONCE I FIGURE OUT THAT NUMBER IT WILLCHANGE THE OTHER NUMBERS, SO THE PROBLEM WILL BE CORRECT.
Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars):
| Information on January 1 (Beginning): | |||
| Direct materials inventory | $ | 89 | |
| Work-in-process inventory | 118 | ||
| Finished goods inventory | 1,610 | ||
| Information for the year: | |||
| Administrative costs | $ | 3,630 | |
| Direct labor | 12,200 | ||
| Direct materials purchases | 8,220 | ||
| Factory and machine depreciation | 11,730 | ||
| Factory supervision | 747 | ||
| Factory utilities | 947 | ||
| Indirect factory labor | 2,940 | ||
| Indirect materials and supplies | 678 | ||
| Marketing costs | 1,510 | ||
| Property taxes on factory | 277 | ||
| Sales revenue | 45,500 | ||
| Information on December 31 (Ending): | |||
| Direct materials inventory | $ | 99 | |
| Work-in-process inventory | 140 | ||
| Finished goods inventory | 1,430 | ||
Required:
Prepare an income statement with a supporting cost of goods sold statement. (Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).)
| YOLO WINDOWS |
|---|
| Income Statement |
| For the Year Ended December 31 |
| ($000) |
| ? | ? | |
| ? | ? | |
| ? | ? | |
| ? | ? | |
| ? | ? | |
| ? | ? | |
| Total marketing and administration cost | ||
| ? | ? |
| YOLO WINDOWS |
| Statements of Cost of Good Sold |
| For the Year Ended December 31 |
| ($000) |
| ? | ? | ||
| Manufacturing cost: | |||
| Direct Material: | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| Manufacturing overhead: | |||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| Total Manufacturing overhead | 0 | ||
| Total manufacturing costs | ? | ||
| Total cost of work in process during the year | ? | ||
| ? | ? | ||
| Cost of goods manufactured during the year | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| cost of goods sold | ? |
