Tower Manufacturing Company's records show the following inventories: Raw materials inventory, 12/31/23 $310,000 Raw materials inventory,...

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Tower Manufacturing Company's records show the following inventories: Raw materials inventory, 12/31/23 $310,000 Raw materials inventory, 12/31/22 $260,000 Work in process inventory, 12/31/23 $300,000 Work in process inventory, 12/31/22 $160,000 Finished goods inventory, 12/31/23 $190,000 Finished goods inventory, 12/31/22. $150,000 During 2023, raw materials purchased totaled $100,000, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. What is the cost of goods sold for 2023 if all raw materials are direct materials? You must show your calculation to receive credit for this question. Tower Manufacturing Company's records show the following inventories: Raw materials inventory, 12/31/23 $310,000 Raw materials inventory, 12/31/22 $260,000 Work in process inventory, 12/31/23 $300,000 Work in process inventory, 12/31/22 $160,000 Finished goods inventory, 12/31/23 $190,000 Finished goods inventory, 12/31/22. $150,000 During 2023, raw materials purchased totaled $100,000, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. What is the cost of goods sold for 2023 if all raw materials are direct materials? You must show your calculation to receive credit for this question.

Answer rating: 100% (QA)

To calculate the cost of goods sold COGS for 2023 we need to consider the changes in inventory and t... View the full answer