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.

Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter4: Operating Activities: Sales And Cash Receipts
Section: Chapter Questions
Problem 1.3C
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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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