QuestionShopify company had the following inventory balances at the beginning and end of 2020Inventory ClassificationJanuary 1, 2020December 31, 2020Work in Process$80,000$50,000Finished Goods$130,000$150,000Raw Material$120,000$80,000During 2020, the company spent $80,000 on direct labor and purchased $30,000 raw material. Manufacturing overhead costs were 65,000.Prepare a schedule of cost of goods manufactured.

Name: QuestionShopify company had the following inventory balances at the be
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Description: QuestionShopify company had the following inventory balances at the beginning and end of 2020Inventory ClassificationJanuary 1, 2020December 31, 2020Work in Process$80,000$50,000Finished Goods$130,000$150,000Raw Material$120,000$80,000During 2020, th

The schedule of cost of goods manufactured explains about the total manufacturing cost incurred…

Answered: Question Shopify company had the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Shopify company had the following inventory balances at the beginning and end of 2020

Inventory Classification	January 1, 2020	December 31, 2020
Work in Process	$80,000	$50,000
Finished Goods	$130,000	$150,000
Raw Material	$120,000	$80,000

During 2020, the company spent $80,000 on direct labor and purchased $30,000 raw material. Manufacturing overhead costs were 65,000.
Prepare a schedule of cost of goods manufactured.

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