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Cost of Goods Sold Slapshot Company makes ice hockey sticks. During the month of June, 1,900...

Cost of Goods Sold

Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $513,000. Suppose that on June 1, Slapshot had 660 units in finished goods inventory costing $160,000 and on June 30, 930 units in finished goods inventory costing $215,000.

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

Slapshot Company
Cost of Goods Sold Statement
For the Month of June
Cost of goods manufactured $
Finished goods inventory, June 1
Finished goods inventory, June 30
Cost of goods sold $

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Set up T account for finished goods inventory account.

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

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Answer #1

Answer 1.

Slapshot Company

Cost of Goods Sold Statement

For the Month of June

.

Cost of goods manufactured ( 1900 units )

$ 513,000

Add: Finished goods inventory, June 01

( 660 units )

160,000

Less: Finished goods inventory, June 30

(930 units )

215,000

Cost of goods sold

$ 458,000

2. No. of sticks sold during the month of June;

= units completed during the month = 1900 units

+ units in finished goods, June 01 = 660 units

– units in finished goods, June 30 = 930 units

= sticks sold during the month of June = 1900 + 660 – 930 = 1,630 units

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