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A manufacturing company reports the following for the period: Inventories Raw materials Work in process Finished goods Beginning $ 18,020 9,400 12,460 Activities for the period Raw materials purchases Direct materials used Direct labor used Overhead applied Sales Ending $ 12,000 11, 200 8,630 $ 8,100 14,120 9,200 11,040 40,000 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit.

A manufacturing company reports the following for the period: Inventories Raw materials Work in process Finished goods Beginning $ 18,020 9,400 12,460 Activities for the period Raw materials purchases Direct materials used Direct labor used Overhead applied Sales Ending $ 12,000 11, 200 8,630 $ 8,100 14,120 9,200 11,040 40,000 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 $ 18,020 9,400 12,460 Activities for the period Raw materials purchases Direct materials used Direct labor used Overhead applied Sales Ending $ 12,000 Required 1 Required 2 Compute gross profit. Gross profit 11, 200 8,630 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. $ 8,100 14,120 9,200 11,040 40,000 Complete this question by entering your answers in the tabs below.
Transcribed Image Text:A manufacturing company reports the following for the period: Inventories Raw materials Work in process Finished goods Beginning $ 18,020 9,400 12,460 Activities for the period Raw materials purchases Direct materials used Direct labor used Overhead applied Sales Ending $ 12,000 Required 1 Required 2 Compute gross profit. Gross profit 11, 200 8,630 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. $ 8,100 14,120 9,200 11,040 40,000 Complete this question by entering your answers in the tabs below.
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