The following balances are from the accounts of Tappan
Parts:
January 1 (Beginning)
December 31 (Ending)
Direct materials inventory
$
22,300
$
25,300
Work-in-process...
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Accounting
The following balances are from the accounts of TappanParts:
January 1 (Beginning)
December 31 (Ending)
Direct materials inventory
$
22,300
$
25,300
Work-in-process inventory
32,500
29,300
Finished goods inventory
5,300
7,300
Direct materials used during the year amount to $46,500 and thecost of goods sold for the year was $53,100.
Prepare a cost of goods sold statement.
Answer & Explanation
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4.2 Ratings (660 Votes)
TAPPAN PARTS COST OF GOOD SOLD STATEMENT Beginning workinprocess inventory 32500 Manufacturing cost Direct Material Beginning 22300 Added during the period 49500 Material Available 71800 Less Ending 25300 Direct
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