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Cost of Goods Sold Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $437,000. Suppose that on June 1, Slapshot had 350 units in finished goods inventory costing $80,000 and on June 30, 370 units in finished goods inventory costing $84,000. 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.

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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
Publisher: Cengage Learning
ISBN: 9781337115773
BuyFind

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
Publisher: Cengage Learning
ISBN: 9781337115773

Solutions

Chapter 2, Problem 23BEA
Textbook Problem
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Cost of Goods Sold

Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $437,000. Suppose that on June 1, Slapshot had 350 units in finished goods inventory costing $80,000 and on June 30, 370 units in finished goods inventory costing $84,000.

Required:

  1. 1. Prepare a cost of goods sold statement for the month of June.
  2. 2. Calculate the number of sticks that were sold during June.

Expert Solution

1.

To determine

Prepare the statement of cost of goods sold for the month of June.

Explanation of Solution

Statement of Cost of Goods Sold:

Cost of goods sold can be defined as the cost incurred in manufacturing the goods that are sold during a time period. It includes all direct costs such as direct material and labour cost and excludes all types of indirect expenses, such as selling and distribution expenses.

The statement of cost of goods sold is prepared by the company for the purpose of external financial reporting.

The statement of cost of goods sold is given below:

Company S
Expert Solution

2.

To determine

Calculate the number of sticks sold in June.

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Chapter 2 Solutions

Managerial Accounting: The Cornerstone of Business Decision-Making
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