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Homework Help: Solved 101721

The FallSafe Parachute Factory experienced tremendous growth in the summer of 2013 as consumer interest in skydiving soared. To accommodate increasing demand, FallSafe wants to develop plans for expansion. First, however, FallSafe needs to determine the cost of the goods they sold for an average sales period in order to calculate gross profit margin. Use the FallSafe cost information below to calculate the Cost of Goods Sold for August 2013. FallSafe Parachute Factory Cost Information for August, 2013 Direct Materials Inventory August 1, 2013 $ 1,000,000 Direct Labor $ 750,000 Work in Process Inventory August 31, 2013 $ 450,000 Finished Goods inventory August 1, 2013 $ 900,000 Direct Materials Purchased $ 2,500,000 Factory Overhead $ 600,000 Direct Materials Inventory August 31, 2013 $ 650,000 Work in Process Inventory August 1, 2013 $ 500,000 Finished Goods Inventory August 31, 2013 $ 800,000 ****Please show all the work for each steps and show in an excel worksheet format********


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