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SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October Raw Materials, October 1 Raw Materials, October 31 Work in Process, October 1 Work in Process, October 31 Finished Goods, October 1 Finished Goods, October 31 Raw materials purchased i Ra materials used Direct labor incurred Hanufacturing overhead incurred Cost of goods manufactured Cost of goods sold $ 20,000 $ 25,000 $ 45,000 $ 40,000 $ 68,000 $ 62,000 $ 75,000 2 $120,000 $300,000

SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October Raw Materials, October 1 Raw Materials, October 31 Work in Process, October 1 Work in Process, October 31 Finished Goods, October 1 Finished Goods, October 31 Raw materials purchased i Ra materials used Direct labor incurred Hanufacturing overhead incurred Cost of goods manufactured Cost of goods sold $ 20,000 $ 25,000 $ 45,000 $ 40,000 $ 68,000 $ 62,000 $ 75,000 2 $120,000 $300,000

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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SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October Raw Materials, October 1 Raw Materials, October 31 Work in Process, October 1 Work in Process, October 31 Finished Goods, October 11 Finished Goods, October 31 Raw materials purchased i Raw materials used Direct labor incurred Hanufacturing overhead incurred Cost of goods manufactured Cost of goods sold Direct labor incurred in October is $ 20,000 $ 25,000 $ 45,000 $ 40,000 $ 68,000 $ 62,000 $ 75,000 $120,000 $300,000
Transcribed Image Text:SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October Raw Materials, October 1 Raw Materials, October 31 Work in Process, October 1 Work in Process, October 31 Finished Goods, October 11 Finished Goods, October 31 Raw materials purchased i Raw materials used Direct labor incurred Hanufacturing overhead incurred Cost of goods manufactured Cost of goods sold Direct labor incurred in October is $ 20,000 $ 25,000 $ 45,000 $ 40,000 $ 68,000 $ 62,000 $ 75,000 $120,000 $300,000
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