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Solve: Cost of Goods Sold

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Question: Gaeddert Corporation reported the following data for the month of July:

Inventories............Beginning.........Ending
Raw Materials.......\$35 200..........\$27 200
Work in Process....\$12 600.........\$15 300
Finished Goods.....\$36 200.........\$41 000

Sales..................................\$252 000
Raw materials purchases....\$76 300
Direct labour cost................\$32 600
Selling expense....................\$23 500

The cost of goods sold for July was ?

Solution Preview

Please view the attachment to understand how these calculations have been computed.

We first calculate the cost of goods manufactured. This is calculated as

1. Schedule of Cost of ...

Solution Summary

This solution explains how to calculate the cost of goods sold for the scenario in question. All findings have been presented in table format. An Excel spreadsheet is also attached to this solution and shows how all of the computations were completed. By clicking directly onto the cells, it highlights what functions were employed to derive the desired values.

\$2.19