Prepare Statements for a Manufacturing Company
The following balances are from the accounts of Secol Machining Company:
|
|
January 1 (Beginning) |
December 31 (Ending) |
|
Direct materials inventory |
$48,000 |
$59,000 |
|
Work in process inventory |
58,000 |
56,000 |
|
Finished goods inventory |
43,800 |
45,000 |
Direct materials purchased during the year amount to $299,000, and the cost of goods sold for the year was $1,086,200.
Required
Reconstruct a cost of goods sold statement and fill in the following missing data:
a. Cost of direct materials used during the year.
b. Cost of goods manufactured during the year.
c. Total manufacturing costs incurred during the year.