Question: Cost of Goods Sold Slapshot Company makes ice hockey sticks. During the month of June, 18,000 sticks were completed at a cost of goods manufactured of $540,000. Suppose that on June 1, Slapshot had 5,000 units in finished goods inventory costing $160,000 and on June 30, 7,000 units in finished goods inventory costing $215,000.
Required: 1. Prepare a cost of goods sold statement for the month of June.
2. Calculate the number of sticks that were sold during June.
June 1 June 30
Materials $42,000 $51,000
Work in process 60,000 71,000