Determine the missing amount for each separate situation involving work in process cost flows. Total manufacturing costs Work in process inventory, beginning Work in process inventory, ending Cost of goods manufactured (1) 105,000 84,000 $200,000 (2) $150,000 22,000 $138,000 (3) $217,000 32,000 $237,000
Determine the missing amount for each separate situation involving work in process cost flows. Total manufacturing costs Work in process inventory, beginning Work in process inventory, ending Cost of goods manufactured (1) 105,000 84,000 $200,000 (2) $150,000 22,000 $138,000 (3) $217,000 32,000 $237,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Cost of Goods Manufactured is computed to ascertain the cost of goods manufactured during the year.
- It is similar to Cost of Goods Sold.
- It is different from Manufacturing Cost because we take effect of change in the inventory of WIP while computing Cost of Goods Manufactured.
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