Problem 1: The following selected information is provided about a manufacturing company: Raw material purchases Direct labor Overhead applied Actual overhead Selling and administrative salaries Other selling and administrative expenses Sales revenue Inventory data: Raw material Work in process Finished goods 800,000 415,000 730,000 745,000 500,000 185,000 5,000,000 January 1 75,000 105,000 120,000 December 31 100,000 140,000 125,000 Calculate the cost of goods sold. Assume that under/over applied overhead is closed directly to cost of goods sold.

Problem 1: The following selected information is provided about a manufacturing company: Raw material purchases Direct labor Overhead applied Actual overhead Selling and administrative salaries Other selling and administrative expenses Sales revenue Inventory data: Raw material Work in process Finished goods 800,000 415,000 730,000 745,000 500,000 185,000 5,000,000 January 1 75,000 105,000 120,000 December 31 100,000 140,000 125,000 Calculate the cost of goods sold. Assume that under/over applied overhead is closed directly to cost of goods sold.

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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