What was Bon's cost of goods manufactured Question: 49The following inventory balances relate to Bon ManufacturingCorporation at the beginning and end of the year:Raw materialsBeginning Ending$9,000Finished goods $29,000$3,000$36,000Bon's cost of goods sold was $653,000. What was Bon's cost of goodsmanufactured?

Concept of Cost of Goods Manufactured (COGM)The cost of goods manufactured represents the total cost…

Answered: Question: 49 The following inventory…

Financial And Managerial Accounting

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ISBN:9781337902663

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Chapter5: Accounting For Retail Businesses

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Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
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Question: 49 The following inventory balances relate to Bon Manufacturing Corporation at the beginning and end of the year: Raw materials Beginning Ending $9,000 Finished goods $29,000 $3,000 $36,000 Bon's cost of goods sold was $653,000. What was Bon's cost of goods manufactured?