Now prepare the schedule of cost of goods sold Data Table XYZ Manufacturing Comp

ID: 2404927 • Letter: N

Question

Now prepare the schedule of cost of goods sold Data Table XYZ Manufacturing Company Schedule of Cost of Goods Sold Year Ended December 31, 2019 (in millions) $ 12 Direct Materials, January 1 Direct Materials, December 31 Work-in-Process Inventory, January 1 10 13 15 Work-ih-Process iventory, December 31 Cost of Goods Available for Sale Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Direct Materials Purchased, including Freight In Direct Labor Manufacturing Overhead Cost of Goods Sold hoose from any list or enter any number in the input fields and then continue to the next question. 39

Explanation / Answer

Schedule of cost of goods sold :

Particulars

Amount

Direct materials January, 1

US$? 12.00

Add : purchases

US$? 33.00

Less : Direct materials December ,31

US$? (9.00)

Direct materials consumed

US$? 36.00

(+) dirrect labour

US$? 39.00

Prime cost

US$? 75.00

(+) Manufacturing overheads

US$? 22.00

Gross works cost

US$? 97.00

(+)Work in progress January , 1

US$? 10.00

(-) Work in progress December , 31

US$? (13.00)

Net work cost

US$? 94.00

(+) Finished goods January ,1

US$? 15.00

Cost of goods available for sale

US$? 109.00

(-) finished goods December ,31

US$? (11.00)

Cost of goods sold

US$? 98.00