Answers
Part 1)
| Pamela's Posies Calculation of cost of goods sold for the year ended December 31,2016 | |
| Inventory ,Jan 1 2016 | 12100 |
| Purchase of merchandise | 35500 |
| Inventory available for sale | 47600 |
| less:Inventory ,December 31,2016 | -9200 |
| cost of goods sold | 38400 |
b)
| Pamela's Posies Statement of cost of goods sold | ||
| Raw material inventory ,Jan 1 2017 | 17000 | |
| Add:Direct material purchase | 40000 | |
| Raw material available for use | 57000 | |
| less:Raw material inventory December 31 2017 | (7500) | |
| Raw material used in to production | 49500 | |
| Direct labor | 26000 | |
| Manufacturing overhead | ||
| Utilities for plant | 4400 | |
| Plant Janitorial services | 1650 | |
| Rent on manufacturing plant | 8400 | |
| Total manufacturing overhead | 14450 | |
| Total manufacturing cost | 89950 | |
| Work in process ,Jan 1 2017 | 0 | |
| Total | 89950 | |
| less:Work in process inventory .Dec 31 2017 | (1000) | |
| Cost of goods manufactured | 88950 | |
| Add:Finished goods inventory,Jan 1 2017 | 0 | |
| Cost of goods available for sale | 88950 | |
| less:Finished goods inventory ,Dec 31 2017 | (3000) | |
| Cost of goods sold | 85950 | |
c)
| Raw material inventory | 7500 |
| Work in process inventory | 1000 |
| Finished goods inventory | 3000 |
| Total ending inventory | 11500 |
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