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Sagot :
The Cost of Goods sold for the quarter contains $530,800 of material the complete statement is made as follows.
What is Cost of Goods sold?
Beginning Direct Material $79,800
Beginning Work in process $72,600
Beginning Finished goods $81,000
Purchases during the period $510,000
Total balance available $743,400
Less: Total at end of the period $212,600
Direct Material $97,400
Work in process $40,200
Finished goods $75,000
Net Cost of Goods Sold for the period $530,800
Therefore the net cost of goods sold material cost is $530,800 and the difference between $530,800 and $1,770,000 is $1,239,200 includes the amount of labor, overheads and fixed costs that are directly attributable to the production of the goods and so are included as a direct cost in the cost of goods sold.
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