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Statement of Cost of Goods Sold

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Page 1: Cost of Goods Sold Statement

Cost of Goods Sold StatementFor the year ended December 31, 2005

Direct Materials: ( Section 1) Materials inventory, January 1, 2005 1572400 Purchases 8420000 Less purchases returns and allowances 42,000 8378000 Materials available for use 9950400 Less materials inventory, December 31, 2005 1270600

Direct materials consumed 8679800

Direct labor ( Section 2) 7346400

Factory overhead: ( Section 3) Indirect labor 1329300

Salaries 972000 Payroll taxes 489000 Power 112000 Heat 69200 Light 44300 Factory supplies 50000 Depreciation - factory building 68300 Depreciation - machinery 403000 Repairs and maintenance 145800 Patent amortization 33200 Tools and dies used 178600 Insurance on building and machinery 21200 3915900

Total manufacturing cost 19942100

Add work in process inventory, January 1 2005. ( Section 4) 2338000

Total cost to be accounted for 22280100

Less work in process inventory, December 31 2005. 1303200

Cost of goods manufactured 20976900

Add finished goods inventory, January 1, 2005 ( Section 5) 966100

Cost of goods available for sale 21943000

Less finished goods inventory, December 31, 2005. 658000

Cost of goods sold 2128500

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