Answers
1)
| Statement of Cost of Goods Sold | |||||
| Beginning F.G inventory | $ 43,500.00 | ||||
| Add: | Cost of Goods Manufactured | (W.N) | $ 452,600.00 | ||
| Cost of goods available for sale | $ 496,100.00 | ||||
| Less: | Ending F.G inventory | $ (35,000.00) | |||
| Cost of goods sold | $ 461,100.00 | ||||
| W.N |
| Schedule of Cost of Goods Manufactured | |||||
| Direct materials: | |||||
| Beginning R.M inventory | $ 7,000.00 | ||||
| Add: | Purchase of R.M | $ 125,500.00 | |||
| Total R.M available | $ 132,500.00 | ||||
| Less: | Ending R.M inventory | $ (6,900.00) | |||
| R.M used in production | $ 125,600.00 | ||||
| Direct labor | $ 66,000.00 | ||||
| Manufacturing OH | $ 263,000.00 | ||||
| Total manufacturing costs | $ 454,600.00 | ||||
| Add: | Beginning WIP Inventory | $ 13,900.00 | |||
| $ 468,500.00 | |||||
| Less: | Ending WIP inventory | $ (15,900.00) | |||
| Cost of goods manufactured | $ 452,600.00 | ||||
2) If beginning inventory of finished goods decreases by $ 3,000, Cost of Goods sold also decreases by $ 3,000
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