Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April:
Cost of direct materials used in production $41,000
Direct labor 47,000
Factory overhead 20,000
Work in process inventory, April 1 34,000
Work in process inventory, April 30 27,000
Finished goods inventory, April 1 24,000
Finished goods inventory, April 30 18,000
a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured.
b. For April, determine the cost of goods sold. Using the data given, prepare a statement of Cost of Goods Sold.

Answer and Explanation:

a. The preparation of the statement of Cost of Goods Manufactured is presented below:

Work in process inventory, April 1 34,000

Add:

Cost of direct materials used in production $41,000

Direct labor 47,000

Factory overhead 20,000

Less:

Work in process inventory, April 30 27,000

Cost of goods manufactured $115,000

b. The preparation of the statement of Cost of Goods Sold is presented below:

Finished goods inventory, April 1 24,000

Add: cost of goods manufactured $115,000

Less: Finished goods inventory, April 30 18,000

Cost of goods sold $121,000

a progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. that means it takes a bigger percentage from high income earners than it does from low income people.

a

explanation:

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