SWEET TOOTH Company provided the following information for the current year: Increase in raw materials inventory Decrease in goods in process inventory Decrease in finished goods inventory Raw materials purchased Direct labor payroll Factory overhead Freight out Freight in 150,000 200,000 350,000 4,300,000 2,000,000 3,000,000 450,000 250,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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What amount should be reported as cost of goods sold for the current year?

SWEET TOOTH Company provided the following information for the current year:
Increase in raw materials inventory
Decrease in goods in process inventory
Decrease in finished goods inventory
150,000
200,000
350,000
Raw materials purchased
Direct labor payroll
4,300,000
2,000,000
Factory overhead
Freight out
Freight in
3,000,000
450,000
250,000
Transcribed Image Text:SWEET TOOTH Company provided the following information for the current year: Increase in raw materials inventory Decrease in goods in process inventory Decrease in finished goods inventory 150,000 200,000 350,000 Raw materials purchased Direct labor payroll 4,300,000 2,000,000 Factory overhead Freight out Freight in 3,000,000 450,000 250,000
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