Reference no: EM132520688

Question 1: Frederick Company's January 1, 2018 finished goods inventory was $70,000. The January 1, 2019 finished goods inventory is $87,000. Cost of goods manufactured for the FY 2018 was $366,000. Use this information to determine the dollar amount of the FY 2018 cost of goods sold. (Round dollar values & enter as whole dollars only.)

Annapolis Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2018 is provided:

Item                                                                                  Amount

Sales                                                                $850,000

Beginning Raw Material Inventory                             74,000

Direct Material Purchased                                      308,000

Factory Overhead                                                  90,000

Finished Goods Inventory - January 1                      144,000

Work in Process - January 1                                   74,000

Work in Process - December 31                              98,000

Ending Raw Material Inventory                               58,000

Finished Goods Inventory - December 31               168,000

Net Income                                                       65,000

Direct Labor                                                   155,000

Cost of Goods Sold                                        655,000

Question 2: Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2018: (Round dollar values & enter as whole dollars only. Properly title your statement.)