During the current year, the Guileman Manufacturing Company signed a noncancelable contract to purchase 1,000 lbs. of a direct material at $32 per lb. during the forthcoming year. On December 31, the market price of the direct material is $26 per lb., and the selling price of the finished product is expected to decline accordingly. The financial statements prepared for the year should reportA loss of $6,000 in the income statement.

Question

06-12-2022
Business

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During the current year, the Guileman Manufacturing Company signed a noncancelable contract to purchase 1,000 lbs. of a direct material at $32 per lb. during the forthcoming year. On December 31, the market price of the direct material is $26 per lb., and the selling price of the finished product is expected to decline accordingly. The financial statements prepared for the year should reportA loss of $6,000 in the income statement.

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RajeevKumarBag RajeevKumarBag · Answer 1 · 2022-12-13T06:36:08-05:00

Cost of goods sold (COGS) is different from cost of revenue because it includes costs outside of production like distribution and marketing.

The cost of goods sold (COGS) or cost of services provided, in addition to any additional costs incurred to generate a sale, are taken into account when calculating the cost of revenue.

What components make up the cost of sales?

Beginning inventory plus purchases minus ending inventory is used to calculate the cost of sales. There are no general and administrative costs included in the sales cost. Additionally, no expenses incurred by the sales and marketing division are included.

What is the factory cost formula?

That, in formula form, is: Direct materials, direct labor, and manufacturing overheads make up the total cost of manufacturing.

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