Answered

Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Get accurate and detailed answers to your questions from a dedicated community of experts on our Q&A platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers. During the month of March, 8,100 coffee makers were completed at a cost of goods manufactured of $607,500. Suppose that on March 1, Morning Smiles had 1,000 units in finished goods inventory costing $70,000 and on March 31, 1,100 units in finished goods inventory costing $65,000. 1. Prepare a cost of goods sold statement for the month of March. Morning Smiles Coffee Company Cost of Goods Sold Statement For the Month of March Cost of goods manufactured $Cost of goods manufactured 607,500 Finished goods inventory, March 1 Finished goods inventory, March 1 70,000 Finished goods inventory, March 31 Finished goods inventory, March 31 64,800 Cost of goods sold

Sagot :

anthougo

The preparation of the Cost of Goods Sold Statement for the month of March for Morning Smiles Coffee Company is as follows:

Cost of Goods Sold Statement

For the Month ended March 31,

Cost of goods manufactured            $607,500

Finished goods inventory, March 1       70,000

Finished goods inventory, March 31   (65,000)

Cost of goods sold                           $612,500

How is the cost of goods sold computed?

The cost of goods sold is equal to the beginning inventory of finished goods plus the cost of goods manufactured (purchased), less ending inventory.

Data and Calculations:

Number of coffee makers completed = 8,100

Cost of goods manufactured = $607,500

Finished goods:

                                     Units       Costs

Beginning balances    1,000     $70,000

Goods manufactured 8,100   $607,500

Ending balances         1,100     $65,000

Goods sold                8,000   $612,500

Thus, the cost of goods sold (8,000 units) is $612,500.

Learn more about the cost of goods sold at https://brainly.com/question/24561653

Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.