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 (Beginning) ($000) | December 31 (Ending) ($000) | |
---|---|---|
Direct materials inventory | $ 752 | $ 824 |
Work-in-process inventory | 1,194 | 1,370 |
Finished goods inventory | 179 | 304 |
Direct materials used during the year amount to $1,496,000 and the cost of goods sold for the year was $1,678,000.
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).
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