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Cells Editing Analys E B C D FIVE FORMULAS Compute the required items and enter them in column F G H To simplify the COGM statement, think of it as four formulas; the fifth is the calculation of COGS on the income statement. Answers Here 1. DIRECT MATERIALS COST = 2. TOTAL MEG COST INCURRED 3. TOTAL MANUFACTURING COST = COGM/COGS Data: RAW MATERIALS WORK IN PROCESS FINISHED GOODS 1/1/20 45,000 60,000 70,000 12/31/20 70,000 54,000 44,000 4. COST OF GOODS MANUFACTURED = 5. COST OF GOODS SOLD = RAW MATERIALS PURCHASES DIRECT LABOR COST FACTORY OVERHEAD COST 120,000 180,000 170,000