Using the Cost of Goods Manufactured calculated in your sch cgm worksheet and adding data needed from the balance sheet, calculate the Cost of goods sold. Balance Sheet: 2/1/2021 2/29/2021 Cash $ 200,000 $ 1,595,310 AR $ 1,000,000 $ 1,487,096 Supplies $ 20,000 $ 20,000 Inventory RM $ 75,860 $ 296,190 Inventory WIP $ 140,000 $ 120,000 Inventory finished goods $ 179,680 $ 106,980 Equipment-office $ 15,000 $ 15,000 Accumulated depreciation $ (3,250) $ (3,500) Equipment-sales $ 10,000 $ 10,000 Accumulated depreciation $ (2,167) $ (2,333) Equipment-factory $ 75,000 $ 75,000 Accumulated depreciation $ (16,250) $ (21,250) $ 1,693,873 $ 3,698,493 AP $ 50,000 $ 46,250 Wage payable $ 250,000 $ 250,000 Stockholder equity $ 1,393,873 $ 3,402,243 Total liability and stockholder equity $ 1,693,873 $ 3,698,493 I know that the Cost of Goods Manufacture is $10,082,567 and the Cost of Goods Sold is $10,155,267, I am just unware what to add/subtract to get that answer.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PA: Statement of cost of goods manufactured and income statement for a manufacturing company The...

See similar textbooks

Related questions

Concept explainers

Question

Using the Cost of Goods Manufactured calculated in your sch cgm worksheet and adding data needed from the balance sheet, calculate the Cost of goods sold.

Balance Sheet:

	2/1/2021	2/29/2021
Cash	$ 200,000	$ 1,595,310
AR	$ 1,000,000	$ 1,487,096
Supplies	$ 20,000	$ 20,000
Inventory RM	$ 75,860	$ 296,190
Inventory WIP	$ 140,000	$ 120,000
Inventory finished goods	$ 179,680	$ 106,980
Equipment-office	$ 15,000	$ 15,000
Accumulated depreciation	$ (3,250)	$ (3,500)
Equipment-sales	$ 10,000	$ 10,000
Accumulated depreciation	$ (2,167)	$ (2,333)
Equipment-factory	$ 75,000	$ 75,000
Accumulated depreciation	$ (16,250)	$ (21,250)
	$ 1,693,873	$ 3,698,493

AP	$ 50,000	$ 46,250
Wage payable	$ 250,000	$ 250,000

Stockholder equity	$ 1,393,873	$ 3,402,243
Total liability and stockholder equity	$ 1,693,873	$ 3,698,493

I know that the Cost of Goods Manufacture is $10,082,567 and the Cost of Goods Sold is $10,155,267, I am just unware what to add/subtract to get that answer.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions