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Assignment: 6.9 Cloudy Comfort Company's accounting records reflect the following inventories: Raw materials inventory Dec. 31, 2012 Dec. 31, 2011 $310,000 Work in process inventory 300,000 Finished goods inventory 190,000 $260,000 160,000 150,000 During 2012, $400,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000. If Cloudy Comfort Company's cost of goods manufactured for 2012 amounted to $1,190,000, its cost of goods sold for the year is:

Assignment: 6.9 Cloudy Comfort Company's accounting records reflect the following inventories: Raw materials inventory Dec. 31, 2012 Dec. 31, 2011 $310,000 Work in process inventory 300,000 Finished goods inventory 190,000 $260,000 160,000 150,000 During 2012, $400,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000. If Cloudy Comfort Company's cost of goods manufactured for 2012 amounted to $1,190,000, its cost of goods sold for the year is:

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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Assignment: 6.9 Cloudy Comfort Company's accounting records reflect the following inventories: Raw materials inventory Dec. 31, 2012 Dec. 31, 2011 $310,000 Work in process inventory 300,000 Finished goods inventory 190,000 $260,000 160,000 150,000 During 2012, $400,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000. If Cloudy Comfort Company's cost of goods manufactured for 2012 amounted to $1,190,000, its cost of goods sold for the year is:
Transcribed Image Text:Assignment: 6.9 Cloudy Comfort Company's accounting records reflect the following inventories: Raw materials inventory Dec. 31, 2012 Dec. 31, 2011 $310,000 Work in process inventory 300,000 Finished goods inventory 190,000 $260,000 160,000 150,000 During 2012, $400,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000. If Cloudy Comfort Company's cost of goods manufactured for 2012 amounted to $1,190,000, its cost of goods sold for the year is:
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