The following balances are from the accounts of Crabtree Machining Company: Janu

Question

The following balances are from the accounts of Crabtree Machining Company: January 1 December 31 Direct materials inventory Work-in-process inventory Finished goods inventory (Beginning) (Ending) $ 98,600 S 109,900 105,900 43,600 108,700 44,800 Direct materials purchased during the year amount to $513,100, and the cost of goods sold for the year was $1,850,000 Required Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Manufacturing costs Direct materials Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale Cost of goods sold

Explanation / Answer

CRABTREE MACHINING COMPANY Cost of goods sold statement For the year ended december 31 Beginning work in process 108700 Manufacturing cost Direct material Beginning Direct material 98600 Direct material purchase 513100 Material available 611700 Ending direct material -109900 Direct material used 501800 Conversion cost 1344200 Total manufacturing cost 1846000 Total cost of work in process 1954700 Ending work in process -105900 Cost of goods manufactured 1848800 Beginning finished goods 44800 Finished goods available for sale 1893600 Ending finished goods -43600 Cost of goods sold 1850000

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