The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning) (Ending)...

 

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The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning) (Ending) $ 25,300 $ 22,100 32,800 5,300 29,400 6,900 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $45,600 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. Manufacturing costs: Direct materials: Materials available Direct materials used Total manufacturing costs Total costs of work-in-process TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Cost of goods manufactured Finished goods available for sale Cost of goods sold The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning) (Ending) $ 25,300 $ 22,100 32,800 5,300 29,400 6,900 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $45,600 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. Manufacturing costs: Direct materials: Materials available Direct materials used Total manufacturing costs Total costs of work-in-process TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Cost of goods manufactured Finished goods available for sale Cost of goods sold

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To prepare a Cost of Goods Sold COGS statement we can use the formula COGSBeginning Finished Goods I... View the full answer