Calculate cost of goods manufacturing and cost of goods sold based on the following data belo The following data is available for Kaz Company for the year ended 2020.Finished goods inventory, beginning $Work in process inventory, beginningRaw materials inventory, beginningRental cost on factory equipmentDirect laborFinished goods inventory, endingWork in process inventory, endingRaw materials inventory, endingFactory utilitiesAdministrative salariesIndirect laborRepairs -factory equipmentRaw material purchasesAdvertising expensesSalesCashNotes payableKaz Co.16,45019,9509,00022,75035,00013,30016,0007,20012,00043,00010,8601,50052,00046,000290,10115,70019,450

Answered: Calculate cost of goods manufacturing…

Business

Accounting

Calculate cost of goods manufacturing and cost of goods sold based on the following data belo

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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Question

Calculate cost of goods manufacturing and cost of goods sold based on the following data belo

The following data is available for Kaz Company for the year ended 2020.
Finished goods inventory, beginning $
Work in process inventory, beginning
Raw materials inventory, beginning
Rental cost on factory equipment
Direct labor
Finished goods inventory, ending
Work in process inventory, ending
Raw materials inventory, ending
Factory utilities
Administrative salaries
Indirect labor
Repairs -factory equipment
Raw material purchases
Advertising expenses
Sales
Cash
Notes payable
Kaz Co.
16,450
19,950
9,000
22,750
35,000
13,300
16,000
7,200
12,000
43,000
10,860
1,500
52,000
46,000
290,101
15,700
19,450

Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.

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