Question 10 04 pts Beg of Year End of Year Raw Materials Inv

Question 10 0/4 pts Beg. of Year End of Year Raw Materials Inventory Work in process inventory Finished goods inventory Purchases of DM Direct Labor Indirect Labor Insurance on plant Depreciation plant building and equipment Repairs and maintenance - plant Marketing expenses General & administrative expenses $26000 $30583 $35000 32125 $14000 $28537 $73000 $41983 $40000 $10000 $12505 $4991 $76000 $27994 What is Cost of Goods Sold? (Be careful as values change with each attempt) (Input your answers without dollar signs or commas)

Solution

Cost of goods sold $       1,66,234 Working: a. Raw Materials Inventory,Beg,of Year        26,000 Purchase of DM(Direct Materials)        73,000 Raw Materials Inventory,End of Year       -30,583 Raw Materials used for manufacturing        68,417 b. Work in process inventory, Beg. of Year        35,000 Direct Material used        68,417 Direct Labor used        41,983 Indirect Labor        40,000 Insurance on Plant        10,000 Depreciation-Plant building and equipment        12,505 Reapairs and maintenance-plant           4,991     1,77,896 Total Manufacturing cost     2,12,896 Less Work in process inventory, End of Year        32,125 Costs of goods manufactured     1,80,771 c. Finished goods inventory, Beg, of Year        14,000 Costs of goods manufactured     1,80,771 Costs of goods available for sales     1,94,771 Less Finihsed goods inventory, End of Year        28,537 Cost of goods sold     1,66,234