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Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that the Raw Materials Inventory contains only direct materials. End End Beginning of Year of Year of Year $23,000 $25,000 Insurance on plant.... $ 11,500 Raw materials inventory Depreciation-plant building and equipment. $ 13,400 $ 3,700 $ 77,000 Work in process inventory.. $35,000 $31,000 $22,000 Repairs and maintenance-plant. Finished goods inventory... $20,000 Purchases of direct materials... $74,000 Marketing expenses. $86,000 General and administrative expenses $ 28,500 Direct labor... Indirect labor.. $42,000

Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that the Raw Materials Inventory contains only direct materials. End End Beginning of Year of Year of Year $23,000 $25,000 Insurance on plant.... $ 11,500 Raw materials inventory Depreciation-plant building and equipment. $ 13,400 $ 3,700 $ 77,000 Work in process inventory.. $35,000 $31,000 $22,000 Repairs and maintenance-plant. Finished goods inventory... $20,000 Purchases of direct materials... $74,000 Marketing expenses. $86,000 General and administrative expenses $ 28,500 Direct labor... Indirect labor.. $42,000

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 the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that the Raw Materials Inventory contains only direct materials. End End Beginning of Year of Year of Year $23,000 $25,000 Insurance on plant.... $ 11,500 Raw materials inventory Depreciation-plant building and equipment. $ 13,400 $ 3,700 $ 77,000 Work in process inventory.. $35,000 $31,000 $22,000 Repairs and maintenance-plant. Finished goods inventory... $20,000 Purchases of direct materials... $74,000 Marketing expenses. $86,000 General and administrative expenses $ 28,500 Direct labor... Indirect labor.. $42,000
Transcribed Image Text:Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that the Raw Materials Inventory contains only direct materials. End End Beginning of Year of Year of Year $23,000 $25,000 Insurance on plant.... $ 11,500 Raw materials inventory Depreciation-plant building and equipment. $ 13,400 $ 3,700 $ 77,000 Work in process inventory.. $35,000 $31,000 $22,000 Repairs and maintenance-plant. Finished goods inventory... $20,000 Purchases of direct materials... $74,000 Marketing expenses. $86,000 General and administrative expenses $ 28,500 Direct labor... Indirect labor.. $42,000
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