Problem 4-13 (IAA)Condo Company reported the following total debits and totalcredits in selected accounts after closing entries were posted:DebitsCreditsMaterialsGoods in processMaterial purchasesPurchase discountTransportation inDirect laborManufacturing overheadFinished goods600,000500,0002,500,000100,000200,0003,000,0001,500,000700,000200,000300,0002,500,000100,000200,0003,000,0001,500,000400,0001. What amount should be reported as cost of goodsmanufactured?a. 6,900,000b. 7,200,000c. 7,000,000d. 7,400,0002. What amount should be reported as cost of goods sold?a. 6,900,000b. 7,400,000c. 7,100,000d. 7,000,000140

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1. What amount should be reported as cost of goods manufactured? a. 6,900,000 b. 7,200,000 c. 7,000,000 d. 7,400,000 2. What amount should be reported as cost of goods sold? a. 6,900,000 b. 7,400,000 c. 7,100,000 d. 7,000,000

1. What amount should be reported as cost of goods manufactured? a. 6,900,000 b. 7,200,000 c. 7,000,000 d. 7,400,000 2. What amount should be reported as cost of goods sold? a. 6,900,000 b. 7,400,000 c. 7,100,000 d. 7,000,000

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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