FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following balances (in thousands of dollars) are from the accounts of Birwood Furniture:
January 1 December 31
(Beginning) (Ending)
($000)
$ 862
($000)
$934
1,304
1,480
289
414
Direct materials inventory
Work-in-process inventory
Finished goods inventory
Direct materials used during the year amount to $2,596,000 and the cost of goods sold for the year was $2,778,000.
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).
Manufacturing costs:
Direct materials:
Materials available
BIRWOOD FURNITURE
Cost of Goods Sold Statement
For the Year Ended December 31
($000)
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Transcribed Image Text:The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) $ 862 ($000) $934 1,304 1,480 289 414 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $2,596,000 and the cost of goods sold for the year was $2,778,000. 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). Manufacturing costs: Direct materials: Materials available BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)
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