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Shelby Industries had a Work-in-Process balance of $145,000 on January 1, 2022. The year-end balance of Work-in-Process was $130,000, and the Cost of Goods Manufactured was $820,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2022.

Shelby Industries had a Work-in-Process balance of $145,000 on January 1, 2022. The year-end balance of Work-in-Process was $130,000, and the Cost of Goods Manufactured was $820,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2022.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Shelby Industries had a Work-in-Process balance of $145,000 on January 1, 2022. The year-end balance of Work-in-Process was $130,000, and the Cost of Goods Manufactured was $820,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2022.
Transcribed Image Text:Shelby Industries had a Work-in-Process balance of $145,000 on January 1, 2022. The year-end balance of Work-in-Process was $130,000, and the Cost of Goods Manufactured was $820,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2022.
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