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Category > Accounting Posted 19 Aug 2017 My Price 7.00

Cost of Goods Sold

Cornerstone Exercise 2-23  Cost of Goods Sold

Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were com- pleted 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 in- ventory costing $84,000.

Required:

1.       Prepare a cost of goods sold statement for the month of June.

2.       Calculate the number of sticks that were sold during June.

 

Text Box: Use the following information for Cornerstone Exercises 2-24 and 2-25: Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price, and other selling expense of $65,000. Administrative expense totaled $53,800.

 

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Status NEW Posted 19 Aug 2017 12:08 PM My Price 7.00

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