Davis Manufacturing Company had the following data for a recent year:Accounts receivableMaterials inventoryWork in process inventoryFinished goods inventoryb. Compute cost of goods sold.January 1$27,00022,50070,2003,000Collections on account were $625,000.Cost of goods sold was 68% of sales.Direct materials purchased amounted to $90,000.Factory overhead was 300% of the cost of direct labor.a. Compute sales revenue (all sales were on account).000C. Compute cost of goods manufactured.d. Compute direct materials used.December 31$33,0006,00048,00015,000e. Compute direct labor incurred.

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Davis Manufacturing Company had the following data for a recent year: Accounts receivable Materials inventory Work in process inventory Finished goods inventory January 1 December 31 $27,000 22,500 70,200 3,000 Collections on account were $625,000. Cost of goods sold was 68% of sales. $33,000 6,000 48,000 15,000

Davis Manufacturing Company had the following data for a recent year: Accounts receivable Materials inventory Work in process inventory Finished goods inventory January 1 December 31 $27,000 22,500 70,200 3,000 Collections on account were $625,000. Cost of goods sold was 68% of sales. $33,000 6,000 48,000 15,000

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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