Statement of cost of goods sold

Assignment Help Financial Accounting

Reference no: EM133379568

Question: Redwood Furniture Inc., a manufacturing firm, has supplied the following information from its accounting records for the month of February 2023:

Finished goods inventory, February 1 $12,250

Work in process inventory, February 1 14,200

Raw materials inventory, February 1 13,500

Finished goods inventory, February 28 13,750

Work in process inventory, February 28 10,500

Raw materials inventory, February 28 18,100

Factory supplies used 12,000

Depreciation of factory equipment 15,000

Depreciation of office building 23,000

Salary of factory manager 46,000

Factory rent 63,000

Factory janitorial cost 8,000

Marketing and promotion costs 14,500

Factory Utilities 24,000

Direct labour cost (5,000 hours used) 32,000

Purchase of raw materials 60,000

Required:

A. MAKE a Statement of Cost of Goods Manufactured in a proper format.

B. MAKE a Statement of Cost of Goods Sold

Reference no: EM133379568

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