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A manufacturing company reports the following for the period: Inventories Raw materials. Beginning $ 20, 020 11, 400 14, 460 Work in process Finished goods Activities for the period Raw materials purchases. Direct materials used. Direct labor used Overhead applied Sales Ending $ 14,000 13, 200 10, 630 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. Required 1 Required 2 $ 10, 100 16, 120. 11, 200 13, 040 48,000 Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured. Direct materials used Direct labor Schedule of Cost of Goods Manufactured $ 16,120 11,200

A manufacturing company reports the following for the period: Inventories Raw materials. Beginning $ 20, 020 11, 400 14, 460 Work in process Finished goods Activities for the period Raw materials purchases. Direct materials used. Direct labor used Overhead applied Sales Ending $ 14,000 13, 200 10, 630 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. Required 1 Required 2 $ 10, 100 16, 120. 11, 200 13, 040 48,000 Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured. Direct materials used Direct labor Schedule of Cost of Goods Manufactured $ 16,120 11,200

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: Beginning $ 20,020 Inventories Raw materials Work in process Finished goods Activities for the period Raw materials purchases Direct materials used Direct labor used. Overhead applied Sales 11, 400 14, 460 Required 1 Required 2 Ending $ 14,000 13, 200 10, 630 $ 10, 100 16, 120 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. Direct materials used Direct labor 11, 200 13, 040 48, 000 Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured. Schedule of Cost of Goods Manufactured $ 16,120 11,200
Transcribed Image Text:A manufacturing company reports the following for the period: Beginning $ 20,020 Inventories Raw materials Work in process Finished goods Activities for the period Raw materials purchases Direct materials used Direct labor used. Overhead applied Sales 11, 400 14, 460 Required 1 Required 2 Ending $ 14,000 13, 200 10, 630 $ 10, 100 16, 120 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. Direct materials used Direct labor 11, 200 13, 040 48, 000 Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured. Schedule of Cost of Goods Manufactured $ 16,120 11,200
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured. Schedule of Cost of Goods Manufactured Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured Required 1 Required 2 Compute gross profit. $ 16,120 11,200 13,040 Gross profit 40,360 40,360 $ 40,360 Complete this question by entering your answers in the tabs below. Required 1 Required 2 < Required 1 Required 2
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured. Schedule of Cost of Goods Manufactured Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured Required 1 Required 2 Compute gross profit. $ 16,120 11,200 13,040 Gross profit 40,360 40,360 $ 40,360 Complete this question by entering your answers in the tabs below. Required 1 Required 2 < Required 1 Required 2
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