Question 1) The following balances are from the accounts of Tappan Parts:
|January 1 (Beginning)||December 31 (Ending)|
|Direct materials inventory||$||962,000||$||884,000|
|Finished goods inventory||312,000||364,000|
Direct materials used during the year amount to $1,196,000 and the cost of goods sold for the year was $1,378,000.
Prepare a cost of goods sold statement.
The following data are available for Remington Advisors for the month just ended:
a. Find the marketing and administrative costs.
b. Find the cost of services sold.