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Problem 1 - The balance sheet dated December 31, 2003, has a balance in the
Finished Goods Inventory account of $26,200. The December 31, 2004, balance
sheet has a balance in the Finished Goods Inventory account of $24,000. Work in
Process Inventory account has a beginning balance of $20,000 and an ending
balance of $30,000. If the cost of goods manufactured is $340,000, how much is
cost of goods sold?
A. How much is the cost of direct materials issued to production during June?
B. Calculate the cost of goods manufactured.
C. How much is the cost of inventory on the May 31 st balance sheet?
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BALIWAG POLYTECHNIC COLLEGE
A. How much is the cost of direct materials issued to production during June?
B. How much is cost of goods manufactured?
Problem 12 Cost of goods manufactured equals $44,000 for 2006. Finished goods
inventory is $2,000 at the beginning of the year and $5,500 at the end of the year.
Total manufacturing overhead is $4,500. Beginning and ending work in process for
2006 are $4,000 and $5,000 respectively. How much is cost of goods sold for the
year?
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BALIWAG POLYTECHNIC COLLEGE
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