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are data regarding Acme Company for the month of January: Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning $26,000 $32,000 $5,000 $25,860 $36,000 During January, direct labor used is $57,000, manufacturing overhead applied is $68,400, and raw material purchases are $96,000. All raw materials are direct materials. Ending finished goods inventory is $44,500. What is the cost of goods sold for January?

are data regarding Acme Company for the month of January: Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning $26,000 $32,000 $5,000 $25,860 $36,000 During January, direct labor used is $57,000, manufacturing overhead applied is $68,400, and raw material purchases are $96,000. All raw materials are direct materials. Ending finished goods inventory is $44,500. What is the cost of goods sold for January?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Here are data regarding Acme Company for the month of January: Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning $26,000 $32,000 $5,000 $25,860 $36,000 During January, direct labor used is $57,000, manufacturing overhead applied is $68,400, and raw material purchases are $96,000. All raw materials are direct materials. Ending finished goods inventory is $44,500. What is the cost of goods sold for January?
Transcribed Image Text:Here are data regarding Acme Company for the month of January: Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning $26,000 $32,000 $5,000 $25,860 $36,000 During January, direct labor used is $57,000, manufacturing overhead applied is $68,400, and raw material purchases are $96,000. All raw materials are direct materials. Ending finished goods inventory is $44,500. What is the cost of goods sold for January?
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