Homework Answers
A : Cost of goods sold = Revenues - Gross margin = 52,000 - 18,000 = 34,000
B: Finished goods , 31/12 = 1000
Working:
| Beginning work in process , January 1 | 3000 |
| Add: Direct materials used | 13,000 |
| Direct Labor | 4500 |
| Manufacturing overheads | 9500 |
| Less: Ending work in process , 12/31 | 0 |
| Cost of goods manufactured | 30000 |
| Add: Beginning finished goods | 5000 |
| Cost of goods available for sale | 35000 |
| Less: Ending finished goods | 1000 |
| Cost of goods sold | 34000 |
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