Exercise 3.2 • Cost of Goods ManufacturedBased on the following information, prepare a cost of goods manufacturedstatement.Material purchases$90,000Factory labor$60,000Manufacturing overheadMaterials inventory (beginning)Materials inventory (ending)Freight-in, MaterialsSelling expensesGeneral and administrative expenses$30,000$25,000$10,000$ 5,000$85,000$30,000Work in process inventory (beginning)Work in process inventory (ending)$15,000$20,000

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Description: Exercise 3.2 • Cost of Goods ManufacturedBased on the following information, prepare a cost of goods manufacturedstatement.Material purchases$90,000Factory labor$60,000Manufacturing overheadMaterials inventory (beginning)Materials inventory (ending)

Material used = Beginning material inventory + material purchases - Ending material inventory Cost…

Business

Accounting

Based on the following information, prepare a cost of goods manufactured statement. Material purchases $90,000 Factory labor $60,000 Manufacturing overhead $30,000 Materials inventory (beginning) $25,000 Materials inventory (ending) $10,000 Freight-in, Materials $ 5,000 Selling expenses $85,000 General and administrative expenses $30,000 Work in process inventory (beginning) $15,000 Work in process inventory (ending) $20,000

Based on the following information, prepare a cost of goods manufactured statement. Material purchases $90,000 Factory labor $60,000 Manufacturing overhead $30,000 Materials inventory (beginning) $25,000 Materials inventory (ending) $10,000 Freight-in, Materials $ 5,000 Selling expenses $85,000 General and administrative expenses $30,000 Work in process inventory (beginning) $15,000 Work in process inventory (ending) $20,000

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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