Computing Cost of Goods Sold for a Manufacturing Firm
The following information is available for Granite Inc.
|
Products in Sample Inventory |
|||
|
Raw materials: |
2008 |
2007 |
2006 |
|
Beginning inventory |
$ 125 |
$ ? |
$ 96 |
|
Purchases |
372 |
410 |
? |
|
Materials available to use |
$ ? |
$ ? |
$ 463 |
|
Ending inventory |
136 |
? |
? |
|
Raw materials used |
$ ? |
$ 379 |
$ 369 |
|
Direct labor |
318 |
? |
307 |
|
Manufacturing overhead |
398 |
401 |
? |
|
Total manufacturing costs |
$ ? |
$1,093 |
$1,059 |
|
Work in process, January 1 |
78 |
? |
74 |
|
|
$1,155 |
$ ? |
$ ? |
|
Work in process, December 31 |
? |
78 |
? |
|
Cost of goods manufactured |
$ ? |
$ ? |
$1,052 |
|
Finished goods, January 1 |
? |
90 |
83 |
|
|
$1,167 |
$ ? |
$ ? |
|
Finished goods, December 31 |
? |
110 |
? |
|
Cost of goods sold |
$1,067 |
$1,076 |
$ ? |
Instructions: Compute the missing amounts.