Please help me to solve this problem Exercise 2-42 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4)The following balances are from the accounts of Crabtree Machining CompanyJanuary 1 December 31(Beginning) (Ending)$ 98,800$ 108,500110,00045,500105,60044,500Direct materials inventoryWork-in-process inventoryFinished goods inventoryDirect materials purchased during the year amount to $514.700, and the cost of goods sold for the year was $1,870,000.Required:Prepare a cost of goods sold statement.Beginning work-in-process inventoryManufacturing costsDirect materialsCRABTREE MACHINING COMPANYCost of Goods Sold StatementFor the Year Ended December 31Beginning inventoryBeginning work-in-process inventoryMaterials availableAdd Ending inventoryDirect materials usedTotal manufacturing costsTotal costs of work-in-processCost of goods manufacturedFinished goods available for saleCost of goods sold$ 98.800$ 98.800$98,800$ 110.000S$$$98,800208.800208,800208.800208.800

A cost sheet is a method of allocating total costs into different categories. It helps to identify…

Exercise 2-42 (Algo) Prepare Statements for a The following balances are from the accounts of Crabtree Machining Company. January 1 December 31 (Ending) 108,500 $ Direct materials inventory Work-in-process inventory Finished goods inventory (Beginning) $ 98,000 110,000 45,500 105,600 44,500 Direct materials purchased during the year amount to $514,700, and the cost of goods sold for the year was $1,870,000. Required: Prepare a cost of goods sold statement.

Exercise 2-42 (Algo) Prepare Statements for a The following balances are from the accounts of Crabtree Machining Company. January 1 December 31 (Ending) 108,500 $ Direct materials inventory Work-in-process inventory Finished goods inventory (Beginning) $ 98,000 110,000 45,500 105,600 44,500 Direct materials purchased during the year amount to $514,700, and the cost of goods sold for the year was $1,870,000. Required: Prepare a cost of goods sold statement.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business

Section: Chapter Questions

Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...

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