The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) ($000) $ 892 $ 964 1,334 319 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $2,896,000 and the cost of goods sold for the year was $3,078 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). BIRWOOD FURNITURE 1,510 444 Cost of Goods Sold Statement

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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)
$ 892
($000)
$ 964
1,510
444
Direct materials inventory
Work-in-process inventory
Finished goods inventory
Direct materials used during the year amount to $2,896,000 and the cost of goods sold for the year was $3,078,000.
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
Direct materials used
Total manufacturing costs
Total costs of work-in-process
1,334
319
Cost of goods manufactured
BIRWOOD FURNITURE
Cost of Goods Sold Statement
For the Year Ended December 31
($000)
Transcribed Image Text:The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) $ 892 ($000) $ 964 1,510 444 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $2,896,000 and the cost of goods sold for the year was $3,078,000. 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 Direct materials used Total manufacturing costs Total costs of work-in-process 1,334 319 Cost of goods manufactured BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)
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