Compute the Cost of Goods Manufactured and Cost of Goods Sol

Compute the Cost of Goods Manufactured and Cost of Goods Sold for Quality Acquatic Company for the mcet recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. (Click the icon to view the data.) Start the calculation fcr cost of goods manufactured by calculating the direct materials used Quality Acquatic Company Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials used

Solution

Calculate direct material used :

Calculate cost of goods manufactured :

Calculate cost of goods sold :

Beginning raw material inventory	25000
Add: Raw material purchase	71000
Total material available	96000
Less: Ending raw material inventory	(34000)
Direct material used	62000