The following balances are from the accounts of Crabtree Machining Company: January 1 (Beginning) December 31 (Ending) Direct materials...

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Accounting

The following balances are from the accounts of CrabtreeMachining Company:
January 1 (Beginning) December 31 (Ending)
Direct materials inventory $ 98,500 $ 110,700
Work-in-process inventory 107,200 105,100
Finished goods inventory 43,100 46,400
Direct materials purchased during the year amount to $513,400,and the cost of goods sold for the year was $1,870,000.
Required:
Prepare a cost of goods sold statement.
CRABTREE MACHINING COMPANY
Cost of Goods Sold Statement
For the Year Ended December 31
Beginning work-in-process inventory $107,200
Manufacturing costs:
Direct materials:
Beginning inventory $98,500
Purchases 513,400
Materials available $611,900
Less: Ending inventory 110,700
Direct materials used $501,200
Other manufacturing costs
Total manufacturing costs 501,200
Total costs ofwork-in-process $608,400
Less: Ending work-in-process 105,100
Cost of goods manufactured $503,300
Beginning finished goods inventory 43,100
Finished goods available forsale $546,400
Less: Ending finished goods inventory 46,400
Cost of goods sold $500,000
************I HAVE FIGURED OUT EVERY NUMBER BESIDES THE OTHERMANUFACTURING COST!!!! HOW DO I FIGURE OUT THATNUMBER???????????????????? ONCE I FIGURE OUT THAT NUMBER IT WILLCHANGE THE OTHER NUMBERS, SO THE PROBLEM WILL BE CORRECT.

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4.1 Ratings (513 Votes)

All workings forms part of the answer You see that the question already mentions the value of COST OF GOODS SOLD The value of Other manufacturing cost is to be computed The summarised general Equation to calculate Cost of Goods Sold is Beginning Inventories all Direct Material purchased Other manufacturing costs Ending Inventories all Cost of Goods Sold Values available computed below Values available TO BE See Answer

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	January 1 (Beginning)		December 31 (Ending)
Direct materials inventory	$	98,500	$	110,700
Work-in-process inventory		107,200		105,100
Finished goods inventory		43,100		46,400