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Discuss direct materials used during the year amount

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Reference no: EM131806205

Question 1) The following balances are from the accounts of Tappan Parts:

  January 1 (Beginning) December 31 (Ending)
Direct materials inventory 962,000 884,000
Work-in-process inventory 1,354,000 1,430,000
Finished goods inventory 312,000 364,000

Direct materials used during the year amount to $1,196,000 and the cost of goods sold for the year was $1,378,000.

Required:

Prepare a cost of goods sold statement.

Question 2:

The following data are available for Remington Advisors for the month just ended:

Gross margin 810,000
Operating profit 305,000
Revenues 1,700,000

Required:

a. Find the marketing and administrative costs.

b. Find the cost of services sold.

Reference no: EM131806205

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