The following balances are from the accounts
Question 1) The following balances are from the accounts of Tappan Parts:
January 1 (Beginning) December 31 (Ending)
Direct materials inventory $ 962,000 $ 884,000
Work-in-process inventory 1,354,000 1,430,000
Finished goods inventory 312,000 364,000
Direct materials used during the year amount to $1,196,000 and the cost of goods sold for the year was $1,378,000. Required:
Prepare a cost of goods sold statement.
Question 2: The following data are available for Remington Advisors for the month just ended:
Gross margin $ 810,000
Operating profit 305,000
1. Find the marketing and administrative costs.
2. Find the cost of services sold.
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