Solution-Calculate the cost of goods sold and cost of goods

Calculate the cost of goods sold and cost of goods available

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Reference no: EM13890492

The information that follows is from Manufacturing Company's trial balance.

	Debits	Credits
Cash	34,000
Accounts Receivable	27,000
Materials Inventory, ending	31,000
Work in Process Inventory, ending	47,900
Finished Goods Inventory, ending	54,800
Factory Supplies	5,700
Small Tools	9,330
Land	160,000
Factory Building	575,000
Accumulated Depreciation-Factory Building		199,000
Factory Equipment	310,000
Accumulated Depreciation-Factory Equipment		137,000
Patents	33,500
Accounts Payable		26,900
Insurance Premiums Payable		6,700
Income Taxes Payable		41,500
Mortgage Payable		343,000
Common Stock		200,000
Retained Earnings		334,130
	1,288,230	1,288,230

Required:

1. Manufacturing organizations use asset accounts that are not needed by retail organizations.

a. List the titles of the asset accounts that are specifically related to manufacturing organizations.

b. List the titles of the asset, liability, and equity accounts that you would see on the balance sheets of both manufacturing and retail organizations.

2. Assuming that the following information reflects the results of operations for the year, calculate the (a) gross margin, (b) cost of goods sold, (c) cost of goods available for sale, and (d) cost of goods manufactured:

Operating income	$138,130
Operating expenses	53,670
Sales	500,000
Finished goods inventory, beginning	50,900
Finished goods inventory, ending	54,800

Reference no: EM13890492

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Calculate the cost of goods sold and cost of goods available

Reference no: EM13890492

Reference no: EM13890492

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