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Business
Accounting
Revenues $300,000 Beginning Materials Inventory 20,000 Ending Materials Inventory 30,000 Beginning Work-in-Process Inventory 15,000 Ending Work-in-Process Inventory 17,000 Beginning Finished Goods Inventory 14,000 Ending Finished Goods Inventory 13,000 Purchase of Materials 115,000 Direct Labor 27,000 Manufacturing Overhead 33,000 Selling and Administrative Expenses 50,000

Revenues $300,000 Beginning Materials Inventory 20,000 Ending Materials Inventory 30,000 Beginning Work-in-Process Inventory 15,000 Ending Work-in-Process Inventory 17,000 Beginning Finished Goods Inventory 14,000 Ending Finished Goods Inventory 13,000 Purchase of Materials 115,000 Direct Labor 27,000 Manufacturing Overhead 33,000 Selling and Administrative Expenses 50,000

FINANCIAL ACCOUNTING
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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Question

What is Cost of good sold?

Revenues $300,000 Beginning Materials Inventory 20,000 Ending Materials Inventory 30,000 Beginning Work-in-Process Inventory 15,000 Ending Work-in-Process Inventory 17,000 Beginning Finished Goods Inventory 14,000 Ending Finished Goods Inventory 13,000 Purchase of Materials 115,000 Direct Labor 27,000 Manufacturing Overhead 33,000 Selling and Administrative Expenses 50,000
Transcribed Image Text:Revenues $300,000 Beginning Materials Inventory 20,000 Ending Materials Inventory 30,000 Beginning Work-in-Process Inventory 15,000 Ending Work-in-Process Inventory 17,000 Beginning Finished Goods Inventory 14,000 Ending Finished Goods Inventory 13,000 Purchase of Materials 115,000 Direct Labor 27,000 Manufacturing Overhead 33,000 Selling and Administrative Expenses 50,000
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