The following balances are from the accounts of Tappan Parts: January 1 (Beginning)December 31 (Ending)Direct materials inventory$22,300 $24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required:Prepare a cost of goods sold statement.

SOLUTION COST OF GOOD SOLD REFERS TO THE DIRECT COSTS OF PRODUCING THE GOODS SOLD BY A COMPANY.

Answered: ccounts of Tappan Parts: January…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following balances are from the accounts of Tappan Parts:

	January 1 (Beginning)	December 31 (Ending)
Direct materials inventory	$	22,300	$	24,500
Work-in-process inventory		32,800		29,100
Finished goods inventory		5,800		7,100

Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200.

Required:

Prepare a cost of goods sold statement.

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