Cost of Goods Sold Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts...
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Cost of Goods Sold Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Bob's Bistro expects to purchase $195,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Required: Direct Materials Inventory $9,500 5,000 Beginning Ending Bob's Bistro expects to produce 50,000 units and sell 50,500 units. Beginning inventory of finished goods is $13,000, and ending inventory of finished goods is expected to be $10,000. Cost of goods manufactured Add: Beginning finished goods Cost of goods available for sale Less: Ending finished goods Cost of goods sold Feedback 1. Prepare a statement of cost of goods sold good form. Bob's Bistro Statement of Cost of Goods Sold For the Coming Year ? $100,000 60,000 260,000 Check My Work 1. See Example 2.3 Work-in-Process Inventory $4,500 2,500 by $725,000 X $ $ 720,000 X 13,000 733,000 X -10,000 $ 623,000 X 2. What if the beginning inventory of finished goods increased by $4,000? What would be the effect on the cost of goods sold? increase Cost of Goods Sold Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Bob's Bistro expects to purchase $195,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Required: Direct Materials Inventory $9,500 5,000 Beginning Ending Bob's Bistro expects to produce 50,000 units and sell 50,500 units. Beginning inventory of finished goods is $13,000, and ending inventory of finished goods is expected to be $10,000. Cost of goods manufactured Add: Beginning finished goods Cost of goods available for sale Less: Ending finished goods Cost of goods sold Feedback 1. Prepare a statement of cost of goods sold good form. Bob's Bistro Statement of Cost of Goods Sold For the Coming Year ? $100,000 60,000 260,000 Check My Work 1. See Example 2.3 Work-in-Process Inventory $4,500 2,500 by $725,000 X $ $ 720,000 X 13,000 733,000 X -10,000 $ 623,000 X 2. What if the beginning inventory of finished goods increased by $4,000? What would be the effect on the cost of goods sold? increase
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Answer To accurately prepare the statement of cost of goods sold for Bobs Bistro for the coming year ... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
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