Question:
Prepare Statements for a Manufacturing Company
The following balances are from the accounts of Hill Components:
|
|
January 1 (Beginning)
|
December 31 (Ending)
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|
Direct materials inventory
|
$37,000
|
$34,000
|
|
Work-in-process inventory
|
52,100
|
55,000
|
|
Finished goods inventory
|
12,000
|
14,000
|
Direct materials used during the year amount to $46,000, and the cost of goods sold for the year was $53,000.
Required
Find the following by completing a cost of goods sold statement:
a. Cost of direct materials purchased during the year.
b. Cost of goods manufactured during the year.
c. Total manufacturing costs incurred during the year.