The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: Direct materials...

 

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The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) December 31 (Ending) ($000) ($000) $ 712 1,154 139 $784 1,330 264 Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required Find the following by completing a cost of goods sold statement. a. Cost of direct materials purchased during the year. b. Cost of goods manufactured during the year. c. Total manufacturing costs incurred during the year. The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) December 31 (Ending) ($000) ($000) $ 712 1,154 139 $784 1,330 264 Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required Find the following by completing a cost of goods sold statement. a. Cost of direct materials purchased during the year. b. Cost of goods manufactured during the year. c. Total manufacturing costs incurred during the year.

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Based on the provided information from the accounts of Birwood Furniture and the tasks required we can calculate the cost of direct materials purchased during the year the cost of goods manufactured d... View the full answer