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Kunis Industries' accounting records reflect the following inventories: Inventory Type Raw materials inventory Dec. 31, 2023 Dec. 31, 2022 $325,000 Work in process inventory $390,000 $275,000 $210,000 During 2023, $520,000 of raw materials were purchased, direct labor costs amounted to $615,000, and manufacturing overhead incurred was $580,000. Using this information, calculate Kunis Industries' total cost of goods manufactured (COGM) for 2023.

Kunis Industries' accounting records reflect the following inventories: Inventory Type Raw materials inventory Dec. 31, 2023 Dec. 31, 2022 $325,000 Work in process inventory $390,000 $275,000 $210,000 During 2023, $520,000 of raw materials were purchased, direct labor costs amounted to $615,000, and manufacturing overhead incurred was $580,000. Using this information, calculate Kunis Industries' total cost of goods manufactured (COGM) for 2023.

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...
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Calculate total cost of goods manufacture for 2023

Kunis Industries' accounting records reflect the following inventories: Inventory Type Raw materials inventory Dec. 31, 2023 Dec. 31, 2022 $325,000 Work in process inventory $390,000 $275,000 $210,000 During 2023, $520,000 of raw materials were purchased, direct labor costs amounted to $615,000, and manufacturing overhead incurred was $580,000. Using this information, calculate Kunis Industries' total cost of goods manufactured (COGM) for 2023.
Transcribed Image Text:Kunis Industries' accounting records reflect the following inventories: Inventory Type Raw materials inventory Dec. 31, 2023 Dec. 31, 2022 $325,000 Work in process inventory $390,000 $275,000 $210,000 During 2023, $520,000 of raw materials were purchased, direct labor costs amounted to $615,000, and manufacturing overhead incurred was $580,000. Using this information, calculate Kunis Industries' total cost of goods manufactured (COGM) for 2023.
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