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The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,600 109,300 42,300 December 31 (Ending) $ 109,500 107,400 45,100 Direct materials purchased during the year amount to $514,200, and the cost of goods sold for the year was $1,865,000 Required: Prepare a cost of goods sold statement. $ 109,300 CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs Direct materials: Beginning inventory 98.600 Purchases 514 200 $ 109,300 Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory 98,600 Purchases 514,200 Materials available 612,800 Less: Ending inventory 109,800 Direct materials used Other manufacturing costs Total manufacturing costs Total costs of work-in-process Less Ending work-in-process Cost of goods manufactured Beginning finished goods inventory Finished goods available for sale Less: Ending finished goods inventory Cost of goods sold 503,000 503,000 612,300 $ 612 300 $ 612,300 $ 612.300 The following data refer to one year for Monroe Fabricators. Fill in the blanks. 2,760 Direct materials inventory, January 1 Direct materials inventory, December 31 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Purchases of direct materials Cost of goods manufactured during the year Total manufacturing costs Cost of goods sold RSS Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 2,760 3.710 2,100 390 16,200 54,010 55,720 47 460 14,600 13.870

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