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Lakeside Apparel Co. manufactures outdoor wear. The following selected financial information for the fiscal year 2023 is provided: Item Amount Sales $300,000 Cost of Goods Manufactured $85,000 Direct Material Purchased $120,000 Factory Overhead $28,000 Work in Process - January 1 $75,000 Work in Process - December 31 $40,000 Direct Materials - December 31 $25,000 Finished Goods Inventory - December 31 $70,000 Net Income Direct Materials Used $45,000 $90,000 $82,000 Cost of Goods Sold Use this information to determine the dollar amount of Lakeside Apparel's Finished Goods Inventory for January 1, 2023.

Lakeside Apparel Co. manufactures outdoor wear. The following selected financial information for the fiscal year 2023 is provided: Item Amount Sales $300,000 Cost of Goods Manufactured $85,000 Direct Material Purchased $120,000 Factory Overhead $28,000 Work in Process - January 1 $75,000 Work in Process - December 31 $40,000 Direct Materials - December 31 $25,000 Finished Goods Inventory - December 31 $70,000 Net Income Direct Materials Used $45,000 $90,000 $82,000 Cost of Goods Sold Use this information to determine the dollar amount of Lakeside Apparel's Finished Goods Inventory for January 1, 2023.

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter7: The Master Budget And Flexible Budgeting
Section: Chapter Questions
Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...
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Lakeside Apparel Co. manufactures outdoor wear. The following selected financial information for the fiscal year 2023 is provided: Item Amount Sales $300,000 Cost of Goods Manufactured $85,000 Direct Material Purchased $120,000 Factory Overhead $28,000 Work in Process - January 1 $75,000 Work in Process - December 31 $40,000 Direct Materials - December 31 $25,000 Finished Goods Inventory - December 31 $70,000 Net Income Direct Materials Used $45,000 $90,000 $82,000 Cost of Goods Sold Use this information to determine the dollar amount of Lakeside Apparel's Finished Goods Inventory for January 1, 2023.
Transcribed Image Text:Lakeside Apparel Co. manufactures outdoor wear. The following selected financial information for the fiscal year 2023 is provided: Item Amount Sales $300,000 Cost of Goods Manufactured $85,000 Direct Material Purchased $120,000 Factory Overhead $28,000 Work in Process - January 1 $75,000 Work in Process - December 31 $40,000 Direct Materials - December 31 $25,000 Finished Goods Inventory - December 31 $70,000 Net Income Direct Materials Used $45,000 $90,000 $82,000 Cost of Goods Sold Use this information to determine the dollar amount of Lakeside Apparel's Finished Goods Inventory for January 1, 2023.
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