A company compiled the following information for the current year. (Assume that all raw materials used were direct materials.) Raw materials inventory, January 1 Raw materials inventory, December 31 Work in process inventory, January 1 Work in process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Raw materials purchases Direct labor Factory utilities Indirect labor Factory depreciation Operating expenses $20,000 40,000 18,000 12,000 40,000 32,000 1,700,000 760,000 150,000 50,000 400,000 420,000 If the total manufacturing costs are $3,000,000, what is the cost of goods manufactured for the period?

A company compiled the following information for the current year. (Assume that all raw materials used were direct materials.) Raw materials inventory, January 1 Raw materials inventory, December 31 Work in process inventory, January 1 Work in process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Raw materials purchases Direct labor Factory utilities Indirect labor Factory depreciation Operating expenses $20,000 40,000 18,000 12,000 40,000 32,000 1,700,000 760,000 150,000 50,000 400,000 420,000 If the total manufacturing costs are $3,000,000, what is the cost of goods manufactured for the period?

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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