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1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit.

1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A manufacturing company reports the following for the period: Inventories Raw materials Work in process Finished goods Beginning $ 18,520 9,900 12,960 Activities for the period Raw materials purchases Direct materials used i Direct labor used Overhead applied Sales Ending $ 12,500 11,700 9,130 Required 1 Required 2 Compute gross profit. Gross profit $ 8,600 14,620 9,700 11,540 42,000 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. Complete this question by entering your answers in the tabs below. < Required 1 Required 2 >
Transcribed Image Text:A manufacturing company reports the following for the period: Inventories Raw materials Work in process Finished goods Beginning $ 18,520 9,900 12,960 Activities for the period Raw materials purchases Direct materials used i Direct labor used Overhead applied Sales Ending $ 12,500 11,700 9,130 Required 1 Required 2 Compute gross profit. Gross profit $ 8,600 14,620 9,700 11,540 42,000 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. Complete this question by entering your answers in the tabs below. < Required 1 Required 2 >
A manufacturing company reports the following for the period: Inventories Raw materials Work in process Finished goods Beginning $ 18,520 9,900 12,960 Activities for the period Raw materials purchases Direct materials used Direct labor used Overhead applied Sales Required 1 Required 2 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. Total manufacturing costs Ending $ 12,500 11,700 9,130 Complete this question by entering your answers in the tabs below. $ 8,600 14,620 9,700 Total cost of work in process 11,540 42,000 Prepare a schedule of cost of goods manufactured. Schedule of Cost of Goods Manufactured Cost of goods manufactured $ 0 0 0
Transcribed Image Text:A manufacturing company reports the following for the period: Inventories Raw materials Work in process Finished goods Beginning $ 18,520 9,900 12,960 Activities for the period Raw materials purchases Direct materials used Direct labor used Overhead applied Sales Required 1 Required 2 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. Total manufacturing costs Ending $ 12,500 11,700 9,130 Complete this question by entering your answers in the tabs below. $ 8,600 14,620 9,700 Total cost of work in process 11,540 42,000 Prepare a schedule of cost of goods manufactured. Schedule of Cost of Goods Manufactured Cost of goods manufactured $ 0 0 0
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