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.
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.
Chapter4: Operating Activities: Sales And Cash Receipts
Section: Chapter Questions
Problem 1.3C
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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 | |
$ 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 | |
$ 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.
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