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Anchor Manufacturing Company reported the following year-end information: Beginning work in process inventory $80,000 Cost of goods manufactured Beginning finished goods inventory Ending work in process inventory $880,000 $50,000 $70,000 Ending finished goods inventory $40,000 How much is Anchor's cost of goods sold for the year? A. $900,000 B. $890,000 C. $880,000 D. $870,000

Anchor Manufacturing Company reported the following year-end information: Beginning work in process inventory $80,000 Cost of goods manufactured Beginning finished goods inventory Ending work in process inventory $880,000 $50,000 $70,000 Ending finished goods inventory $40,000 How much is Anchor's cost of goods sold for the year? A. $900,000 B. $890,000 C. $880,000 D. $870,000

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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Anchor Manufacturing Company reported the following year-end information: Beginning work in process inventory $80,000 Cost of goods manufactured Beginning finished goods inventory Ending work in process inventory $880,000 $50,000 $70,000 Ending finished goods inventory $40,000 How much is Anchor's cost of goods sold for the year? A. $900,000 B. $890,000 C. $880,000 D. $870,000
Transcribed Image Text:Anchor Manufacturing Company reported the following year-end information: Beginning work in process inventory $80,000 Cost of goods manufactured Beginning finished goods inventory Ending work in process inventory $880,000 $50,000 $70,000 Ending finished goods inventory $40,000 How much is Anchor's cost of goods sold for the year? A. $900,000 B. $890,000 C. $880,000 D. $870,000
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