Results 1 to 2 of 2

Math Help - finished goods

  1. #1
    Newbie
    Joined
    Sep 2009
    Posts
    1

    finished goods

    Hi, Im trying to work out the COGS statement, with the following info:

    Direct Materials Purchased = 3,200,000
    Prime Costs = 5,160,000
    WIP, 1 Jan = 328,000
    Direct Materials, 1 Jan = 320,000
    Finished Goods, 1 Jan = 250,000
    Direct Materials, 31 Jan = 280,000
    WIP, 31 Jan = 140,000
    Overhead Application Rate = 60% of Direct Labour Incurred
    Sales Revenue = 10,012,500
    Sales Mark-up = 50% on full production costs
    Sellng and administration = 2,067,500
    Actual Overhead Incurred = 1,122,000

    Ive already completed the Cost of Goods Manufactured Statement, but because I can't find what ending FInished GOods is, i can't complete the COGS statement. Can someone please help me find this value?
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Newbie
    Joined
    Aug 2009
    From
    Sydney
    Posts
    15
    isn't the finished goods account

    Opening Balance + COGM = Closing Balance

    so 250,000 + whatever you got from your cost of goods manufactured statement = Closing Balance

    after that, you add underapplied overhead or subtract overapplied overhead and that would equal your COGS

    if you post your COGM I'll do the COGS for you
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Replies: 1
    Last Post: November 10th 2010, 11:03 PM
  2. Public Goods problem
    Posted in the Business Math Forum
    Replies: 0
    Last Post: January 31st 2010, 11:07 AM
  3. int by parts(almost finished)
    Posted in the Calculus Forum
    Replies: 3
    Last Post: February 22nd 2009, 04:58 PM
  4. Finished - but is it Right (ODE)??
    Posted in the Calculus Forum
    Replies: 1
    Last Post: September 27th 2008, 06:42 PM
  5. Have I finished this?
    Posted in the Pre-Calculus Forum
    Replies: 4
    Last Post: May 25th 2008, 04:09 AM

Search Tags


/mathhelpforum @mathhelpforum