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Given below is the manufacturing data for Obama Manufacturing: Inventory Costs Beginning Ending Direct Material Inventory $85,000 $105,000 Work-in-Progress Inventory $175,000 $130,000 Finished Goods Inventory $290,000 $370,000 Additional cost data: Amount Purchased Direct Material $310,000 Cost Type Direct Labor Factory Overhead Net Sales Period Cost What is the net profit? $165,000 $185,000 $950,000 $270,000

Given below is the manufacturing data for Obama Manufacturing: Inventory Costs Beginning Ending Direct Material Inventory $85,000 $105,000 Work-in-Progress Inventory $175,000 $130,000 Finished Goods Inventory $290,000 $370,000 Additional cost data: Amount Purchased Direct Material $310,000 Cost Type Direct Labor Factory Overhead Net Sales Period Cost What is the net profit? $165,000 $185,000 $950,000 $270,000

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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Given below is the manufacturing data for Obama Manufacturing: Inventory Costs Beginning Ending Direct Material Inventory $85,000 $105,000 Work-in-Progress Inventory $175,000 $130,000 Finished Goods Inventory $290,000 $370,000 Additional cost data: Amount Purchased Direct Material $310,000 Cost Type Direct Labor Factory Overhead Net Sales Period Cost What is the net profit? $165,000 $185,000 $950,000 $270,000
Transcribed Image Text:Given below is the manufacturing data for Obama Manufacturing: Inventory Costs Beginning Ending Direct Material Inventory $85,000 $105,000 Work-in-Progress Inventory $175,000 $130,000 Finished Goods Inventory $290,000 $370,000 Additional cost data: Amount Purchased Direct Material $310,000 Cost Type Direct Labor Factory Overhead Net Sales Period Cost What is the net profit? $165,000 $185,000 $950,000 $270,000
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