Manufacturing costs:Direct materials:Direct materials inventoryWork-in-process inventoryFinished goods inventoryDirect materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000.Required:Prepare a cost of goods sold statement.Note: Enter your answers in thousands of dollars (I.e., 234,000 should be entered as 234).Materials availableDirect materials usedTotal manufacturing costsTotal costs of work-in-processCost of goods manufacturedFinished goods available for saleJanuary 1(Beginning)($000)$ 712Cost of goods soldDecember 31(Ending)($000)$7841,3302641,154139BIRWOOD FURNITURECost of Goods Sold StatementFor the Year Ended December 31($000)

A cost sheet is a method of allocating total costs into different categories. It helps to identify…

January 1 (Beginning) ($000) $ 712 December 31 (Ending) ($000) $ 784 1,330 264 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000 Required: Prepare a cost of goods sold statement. 1,154 139

January 1 (Beginning) ($000) $ 712 December 31 (Ending) ($000) $ 784 1,330 264 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000 Required: Prepare a cost of goods sold statement. 1,154 139

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEB: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and...

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