Question

Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $437,000. Suppose that on June 1, Slapshot had 350 units in finished goods inventory costing $80,000 and on June 30, 370 units in finished goods inventory costing $84,000.

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 sold
*Cost of goods Inventory, June 1
*Finished goods inventory June 30
*Work In process, June 1
___*___ $_____
___*___ _____
___*__ _____
__*____ $_____
2. Calculate the number of sticks that were sold during June.
units

Answer 1

1. Cost of goods sold statement

Cost of goods sold Inventory, June 1 $80,000

Add: Cost of goods manufactured $437,000

Cost of goods available for sale $517,000

Less: Cost of goods sold Inventory, June 31 $84,000

Cost of goods sold $433,000

2. Number of sticks sold during June

Units on June 1 350

Add: Manufactured in June 1,900

Sticks available for sale 2,250

Less: Ending units June 30 370

Number of sticks sold 1,880