Direct Material, Beginning $7,000 WIP, Beginning 7,500 Finished goods, Beginning 10,000 Raw Material purchased 46,800 Selling & general expenses 6,700 Direct Material, Ending 9,000 WIP, Ending 3,500 Finished goods, Ending 12,000 Direct Labor 8,000 Factory overhead is applied at the rate of 80% of direct labor cost. You are required to calculate: i) Cost of goods manufactured ii) Cost of goods sold
Direct Material, Beginning $7,000 WIP, Beginning 7,500 Finished goods, Beginning 10,000 Raw Material purchased 46,800 Selling & general expenses 6,700 Direct Material, Ending 9,000 WIP, Ending 3,500 Finished goods, Ending 12,000 Direct Labor 8,000 Factory overhead is applied at the rate of 80% of direct labor cost. You are required to calculate: i) Cost of goods manufactured ii) Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Direct Material, Beginning $7,000 WIP, Beginning 7,500 Finished goods, Beginning 10,000 Raw Material purchased 46,800 Selling & general expenses 6,700 Direct Material, Ending 9,000 WIP, Ending 3,500 Finished goods, Ending 12,000 Direct Labor 8,000 Factory
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