Milestone Three - Statement of Cost of Goods Sold ...
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Accounting
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| Milestone Three - Statement of Cost of Goods Sold | |||||||
| Beginning Work in Process Inventory | 0 | ||||||
| Direct Materials: | |||||||
| Materials: Beginning | 0 | ||||||
| Add: Purchases for month of January given | $ 20,000 | ||||||
| Materials available for use given | 20,000 | ||||||
| Deduct: Ending materials(20% of purchase) | 4,000 | ||||||
| Materials Used (80% of material purchased) | $ 16,000 | ||||||
| Direct Labor (given on data sheet) | 8,493 | ||||||
| Overhead (given) | 3,765 | ||||||
| Total Costs (material + labor) | $ 28,258 | ||||||
| Deduct: Ending Work in Process Inventory | 0 | ||||||
| Cost of Goods Sold (Material used+total costs) | $ 28,258.33 | ||||||
| A. Statement of Cost of Goods Sold: Share the statement of cost of goods sold and logically interpret the businesss performance against the provided benchmarks | |||||||
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