A manufacturing company reports the following for the period: Inventories Beginning Ending Raw materials $ 18,420 $
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A manufacturing company reports the following for the period:
| Inventories | Beginning | Ending |
|---|---|---|
| Raw materials | $ 18,420 | $ 12,400 |
| Work in process | 9,800 | 11,600 |
| Finished goods | 12,860 | 9,030 |
| Activities for the period | |
| Raw materials purchases | $ 8,500 |
|---|---|
| Direct materials used | 14,520 |
| Direct labor used | 9,600 |
| Overhead applied | 11,440 |
| Sales | 41,600 |
1. Prepare a schedule of cost of goods manufactured.
2. Compute gross profit.
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