The following data have been taken from the accounting records of ABC Corporation for the current year.
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Question:
The following data have been taken from the accounting records of ABC Corporation for the current year.
Analyze the data and answer the following questions
Sales | $4000,000 |
Selling expenses | 200,000 |
Manufacturing overhead | 510,000 |
Direct labor | 450,000 |
Administrative expenses | 420,000 |
Purchases of raw materials | 400,000 |
Finished goods inventory, beginning | 410,000 |
Finished goods inventory, ending | 470,000 |
Raw materials inventory, beginning | 210,000 |
Raw materials inventory, ending | 260,000 |
Work in process inventory, beginning | 270,000 |
Work in process inventory, ending | 150,000 |
1. What is the cost of goods manufactured (finished) for the year?
2. What is the cost of goods sold for the year?
Related Book For
Management Accounting
ISBN: 978-0132570848
6th Canadian edition
Authors: Charles T. Horngren, Gary L. Sundem, William O. Stratton, Phillip Beaulieu
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