The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) ($000) $ 892 $ 964 1,510 444 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $2,896,000 and the cost of goods sold for the year was $3,078,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). Manufacturing costs: Direct materials: 1,334 319 Materials available BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000) +
The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) ($000) $ 892 $ 964 1,510 444 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $2,896,000 and the cost of goods sold for the year was $3,078,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). Manufacturing costs: Direct materials: 1,334 319 Materials available BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000) +
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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![The following balances (in thousands of dollars) are from the accounts of Birwood Furniture:
January 1 December 31
(Beginning) (Ending)
($000)
($000)
$ 892
$ 964
1,510
444
Direct materials inventory
Work-in-process inventory
Finished goods inventory
Direct materials used during the year amount to $2,896,000 and the cost of goods sold for the year was $3,078,000.
Required:
Prepare a cost of goods sold statement.
Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).
Manufacturing costs:
Direct materials:
Materials available
Direct materials used
Total manufacturing costs
Total costs of work-in-process
1,334
319
Cost of goods manufactured
BIRWOOD FURNITURE
Cost of Goods Sold Statement
For the Year Ended December 31
($000)
+](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf25ab01-b9df-485a-9c03-aa85d8301ac3%2F97fff37d-6c46-4697-bac5-f03251137d23%2Fzdebyaj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following balances (in thousands of dollars) are from the accounts of Birwood Furniture:
January 1 December 31
(Beginning) (Ending)
($000)
($000)
$ 892
$ 964
1,510
444
Direct materials inventory
Work-in-process inventory
Finished goods inventory
Direct materials used during the year amount to $2,896,000 and the cost of goods sold for the year was $3,078,000.
Required:
Prepare a cost of goods sold statement.
Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).
Manufacturing costs:
Direct materials:
Materials available
Direct materials used
Total manufacturing costs
Total costs of work-in-process
1,334
319
Cost of goods manufactured
BIRWOOD FURNITURE
Cost of Goods Sold Statement
For the Year Ended December 31
($000)
+
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