Problem
Prepare Statements for a Manufacturing Company
The following balances are from the accounts of Secol Machining Company:
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January 1 (Beginning)
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December 31 (Ending)
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Direct materials inventory
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98,900
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110,500
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Work-in-process inventory
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109,100
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104,300
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|
Finished goods inventory
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42,500
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43,400
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Direct materials purchased during the year amount to $514,700, and the cost of goods sold for the year was $1,860,000.
Required:
Prepare a cost of goods sold statement. (Input all amounts as positive values. Omit the "tiny_mce_markerquot; sign in your response.)