Calculate the cost of goods sold using the following information:Direct materials used$ 298,500Direct labor132,000Total factory overhead264,000General and administrative expenses85,500Selling expenses48,800Work in Process inventory, beginning118,500Work in Process inventory, endingFinished goods inventory, beginningFinished goods inventory, ending125,900232,100238,700

Step 1: The Cost of goods sold is calculated as follows:-Particulars Amount Direct Material…

Answered: Calculate the cost of goods sold using…

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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Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $66,000 Direct labor 73,000 Factory overhead 37,000 Work in process inventory, May 1 59,000 Work in process inventory, May 31 58,750 Finished goods inventory, May 1 25,000 Finished goods inventory, May 31 19,000 Question Content Area a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred during May fill in the blank 47477f001f8204f_9 Total manufacturing costs $fill in the blank 47477f001f8204f_10 - Select - Cost of goods manufactured $fill in the blank 47477f001f8204f_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…
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Keeton Company had the following data: Cost of materials used $60,000 Direct labor costs 58,000 Factory overhead 33,000 Work in process inventory, beginning 29,000 Work in process inventory, ending 18,000 Finished goods inventory, beginning 32,000 Finished goods inventory, ending 18,000 Determine the cost of goods sold.$fill in the blank 1
Use the cost information below for ABC Corporation to find the cost of goods manufactured (COGM) for the current year: Direct materials used Direct labor Total factory overhead Work in process inventory, beginning Work in process inventory, ending Multiple Choice $24,500. $15,200. $18,400. $19,300. $ 6,600 8,600 6,700 4,600 7,200
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