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A manufacturing company reports the following for the period: Inventories Raw materials Work in process Finished goods Beginning $19,520 10,900 13,960 Activities for the period Raw materials purchases Direct materials used Direct labor used Overhead applied Sales Ending $ 13,500 12,700 10,130 $ 9,600 15,620 10,700 12,540 46,000 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 $19,520 10,900 13,960 Activities for the period Raw materials purchases Direct materials used Direct labor used Overhead applied Sales Ending $ 13,500 12,700 10,130 $ 9,600 15,620 10,700 12,540 46,000 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 $ 19,520 10,900 13,960 Activities for the period Raw materials purchases Direct materials used Direct labor used Overhead applied Sales Total manufacturing costs Ending $ 13,500 12,700 10,130 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. $ 9,600 15,620 10,700 Complete this question by entering your answers in the tabs below. Total cost of work in process 12,540 46,000 Required 1 Required 2 Prepare a schedule of cost of goods manufactured. Schedule of Cost of Goods Manufactured Cost of goods manufactured 10 0 Required 2 >
Transcribed Image Text:A manufacturing company reports the following for the period: Inventories Raw materials Work in process Finished goods Beginning $ 19,520 10,900 13,960 Activities for the period Raw materials purchases Direct materials used Direct labor used Overhead applied Sales Total manufacturing costs Ending $ 13,500 12,700 10,130 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. $ 9,600 15,620 10,700 Complete this question by entering your answers in the tabs below. Total cost of work in process 12,540 46,000 Required 1 Required 2 Prepare a schedule of cost of goods manufactured. Schedule of Cost of Goods Manufactured Cost of goods manufactured 10 0 Required 2 >
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