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K10 P A B C D) E FIVE FORMULAS Compute the required items and enter them in column I To simplify the COGM statement, think of it as four formulas; the fifth is the calculation of COGS on the income statement. COGM/COGS Data: 1/1/20 12/31/20 RAW MATERIALS 45,000 70,000 WORK IN PROCESS 60,000 54,000 FINISHED GOODS 70,000 44,000 RAW MATERIALS PURCHASES 120,000 DIRECT LABOR COST 180,000 170,000 FACTORY OVERHEAD COST 7. F G H 1. DIRECT MATERIALS COST = 2. TOTAL MFG COST INCURRED 3. TOTAL MANUFACTURING COST = 4. COST OF GOODS MANUFACTURED = 5. COST OF GOODS SOLD = Answers Here HOOD M