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Question

Q1:

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Q2:

The following balances are from the accounts of Tappan Parts January 1 December 31 (Beginning) (Ending) $ 25,000 28,600 7,000 Direct materials inventory Work-in-process inventory Finished goods inventory $ 21,700 32,500 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. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 $32,500 Beginning work-in-process inventory Manufacturing costs Direct materials 21,700 Beginning inventory Purchases Materials available Less: Ending inventory Direct materials used Other manufacturing costs Total manufacturing costs Total costs of work-in-process Less: Ending work-in-process Cost of goods manufactured Finished goods available for sale ess: Ending finished goods inventory Cost of goods sold

Explanation / Answer

As per policy only first question should be answered completely.

TAPPAN PARTS

Cost of goods sold

For the Year Ended December 31

Direct materials purchased during the year = Direct material used + ending inventory of direct material - Beginning inventory of direct materials = 46300+25000-21700 = 49600

Firstly find finished goods available for sale from the end by adding ending finished inventory to cost of goods sold (given) and so on.

Beginning work-in-process inventory 32500 Manufacturing costs: Direct materials: Beginning inventory 21700 Purchases 49600 Materials available 71300 Less: Ending inventory 25000 Direct materials used 46300 Other manufacturing costs (51200-46300) 4900 Total manufacturing costs (83700-32500) 51200 Total costs of work-in-process (55100+28600) 83700 Less: Ending work-in-process 28600 Cost of goods manufactured (60200-5100) 55100 Beginning finished goods inventory 5100 Finished goods available for sale (53200+7000) 60200 Less: Ending finished goods inventory 7000 Cost of goods sold 53200

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