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Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $437,000. Suppose that on June 1, Slapshot had 350 units in finished goods inventory costing $80,000 and on June 30, 370 units in finished goods inventory costing $84,000.
Prepare a cost of goods sold statement for the month of June.

Respuesta :

TomShelby

Answer:

COST OF GOODS SOLD        433,000

Explanation:

Beginning finished goods      80,000

cost of goods manufactured 437,000  

Total goods available for sale 517,000

ending finished goods            (84,000)  

COST OF GOODS SOLD        433,000

The beginning along with the godos manufactured represent all the units available for sale during the period.

The ending finished goods represent the unsold part Hence the difference is cost of goods sold.

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