Cost of Goods Sold Statement. Material Opening inventory 1,572400 Add Purchases 8420,000 (Less Purchase return) (42,000) 8,378,00 Material available for use 9,950,400 (Less material inventory Closing 1,270600 Direct material consumed 8,679,800 Cost Of Goods Manufactured = Total Manufacturing cost Add Work in process (opening) = Cost of goods to be manufactured Less Work in process (Closing) = Cost of Goods Manufactured Prime Cost =Direct material+Direct Labor Conversion Cost= Direct labor+FOH Total Manufacturing Cost = Prime cost (OR) Direct material + + FOH Direct Labor + FOH Cost Of Goods Sold = Cost Of Goods Manufactured + Add opening finished good Inventory Cost of goods available for sale Less closing Finished good Inventory Cost of Goods Sold

Material Opening inventory 1,572400

Add Purchases 8420,000

(Less Purchase return) (42,000) 8,378,00

Material available for use 9,950,400

(Less material inventory Closing 1,270600

Direct material consumed 8,679,800

Cost Of Goods Manufactured =

Total Manufacturing cost

Add Work in process (opening)

=

Cost of goods to be manufactured

Less Work in process (Closing)

=

Cost of Goods Manufactured

Prime Cost =Direct material+Direct Labor

Conversion Cost= Direct labor+FOH

Total Manufacturing Cost =

Prime cost (OR) Direct material

+ +

FOH Direct Labor

+

FOH

Cost Of Goods Sold =

Cost Of Goods Manufactured

+

Add opening finished good

Inventory

Cost of goods available for sale

Less closing Finished good

Inventory

Cost of Goods Sold