Given the following information, determine the cost of goods manufactured [COGM] and the cost of goods sold
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Given the following information, determine the cost of goods manufactured [COGM] and the cost of goods sold [COGS]. show formulas or T-accounts with applicable labels.
Direct Labor Incurred | $63,000 |
Manufacturing Overhead Incurred | 179,500 |
Direct Materials Used | 150,000 |
Finished Goods Inventory, 1/1/2015 | 197,500 |
Finished Goods Inventory, 12/31/2015 | 221,000 |
Work-in-Process Inventory, 1/1/2015 | 96,500 |
Work-in-Process Inventory, 12/31/2015 | 109,000 |
Related Book For
Introduction to Accounting An Integrated Approach
ISBN: 978-0078136603
6th edition
Authors: Penne Ainsworth, Dan Deines
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