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# Cost of Goods Sold

### Cost of goods sold manufactured and sold

The following information pertains to Bluegrass Manufacturing Company for March 2003. Assume actual overhead equaled applied overhead. March 1 Inventory Balances Raw Materials 95,000 Work in Process 120,000 Finished Goods

### Costs of Goods Sold, Inventory and Insurance Company

Discuss: - What items make up cost of goods sold? - Why is calculating the cost of goods sold important? - How does beginning and ending inventory affect cost of goods sold? - How does an insurance company calculate cost of goods sold?

### Cost of Goods manufactured

I'm not sure how to get the cost of goods manufactured without having data like rent, utilites and so on... There is a formula but I don't think I'm using the correct numbers. Thanks for your help! AMFAC COMPANY Cost of Goods Manufactured (3) Units Direct materials cost Direct labor cost Manufacturing overhead

### Larkin Corporation

The following data (in thousands of dollars) have been taken from accounting records of Larkin Corporation for the just completed year. Sales................................................820.00 Purchase of raw materials........................180.00 Direct labor..........................................130.00 Manufactu

### Cost of goods manufactured, cost of goods sold

Champs, Inc incurred the following costs during March: Selling Expenses \$31,675 Direct Labor \$56,628 Interest Expense 8,213 Manufacturing overhead, actual 40,950 Raw Materials, used 92,196 Administrative expenses

### Cost of Goods Sold Problem

My company's beginning Finished Goods Inventory was \$10,000 and the ending Finished Goods Inventory was \$20,000. Raw Materials used in production totaled \$5,000. The Cost of Goods Manufactured was \$60,000. What was the Cost of Goods Sold?

### Cost of Goods Sold in a Merchandising Company

My business is a merchandising company. Last month the company's merchandise purchases totaled \$86,000. The company's beginning merchandise inventory was \$15,000 and its ending merchandise inventory was \$11,000. What was the company's cost of goods sold for the month?

### Review Questions

1. Craft Manufacturing Company's accounting records reflect the following inventories: Dec. 31, 2002 Dec. 31, 2001 Raw materials inventory \$310,000 \$260,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2002, \$500,000 of raw materials were purchased, direct labor costs a

### Cost of Goods Manufactured Schedule - Corrales Manufacturing

At May 31, 2002, the accounts of Corrales Manufacturing Company show the following. 1. May 1 inventories-finished goods \$12,600, work in process \$14,700, and raw materials \$8,200. 2. May 31 inventories-finished goods \$10,500, work in process \$17,900, and raw materials \$7,100. 3. Debit postings to work in process were: d

### The Cost of Goods Purchased

For the current year, the following data were taken from the accounting records: Sales, \$900,000; Sales Returns and Allowances, \$30,000; Purchases, \$500,000; Purchase Returns and Allowances, \$8,000; Discount received, \$4,000; Freight-in, \$2,000; Beginning Inventory, \$90,000; Ending Inventory, \$130,000. What was the cost of goods