“Now prepare the schedule of cost of goods sold.(for question above)Raw Materials Inventory, January 1: $4Raw Materials Inventory, December 31: $12Work-in-Process Inventory, January 1: $9Work-in-Process Inventory, December 31: $19Finished Goods Inventory, January 1: $14Finished Goods Inventory, December 31: $11Raw Materials Purchased, including Freight In: $32Direct Labor: $46Manufacturing Overhead: $21”
Beginning Finished Goods Inventory: $14 Cost of Goods Manufactured: $81Cost of Goods Available for Sale: $95Ending Finished Goods Inventory: $(11)Cost of Goods Sold: $84