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Compute cost of goods manufactured. using a formal schedule of cost of good manufactured  then compute cost of goods sold    That is all of the picture there isn't more to it.

Compute cost of goods manufactured. using a formal schedule of cost of good manufactured  then compute cost of goods sold    That is all of the picture there isn't more to it.

FINANCIAL ACCOUNTING
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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Compute cost of goods manufactured. using a formal schedule of cost of good manufactured  then compute cost of goods sold 

 

That is all of the picture there isn't more to it. 

ABC Firm produces a wide range of plastic products. Information for the firm's inventory accounts at the beginning and end of 2020 follows: Account Direct materials Work in process Finished goods Beg. Balance, $121,500 458,900 845,300 End. Balance $139,700 998,400 239,500 Other information from 2020 for the firm includes: Sales salaries Purchases of direct materials Rent Direct labour $156,300 192,400 84,300 243,500 44,700 91,500 1,548,200 34,800 54,300 12,500 18,400 Depreciation on corporate jet Depreciation on factory machines Sales Insurance on corporale jet Indirect labour Fire insurance on factory building Insurance on finished goods warehouse
Transcribed Image Text:ABC Firm produces a wide range of plastic products. Information for the firm's inventory accounts at the beginning and end of 2020 follows: Account Direct materials Work in process Finished goods Beg. Balance, $121,500 458,900 845,300 End. Balance $139,700 998,400 239,500 Other information from 2020 for the firm includes: Sales salaries Purchases of direct materials Rent Direct labour $156,300 192,400 84,300 243,500 44,700 91,500 1,548,200 34,800 54,300 12,500 18,400 Depreciation on corporate jet Depreciation on factory machines Sales Insurance on corporale jet Indirect labour Fire insurance on factory building Insurance on finished goods warehouse
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