The following account balances and other information were taken from the accounting records of TITAN Corporation for the year ended Dec. 31, 2021: Finished Goods, ending P 15,000; Work-in-Process, ending P 75,000; Raw Materials Inventory, ending 25,00O; Net Purchases 120,000; Work-in-Process, beginning 25,000; Conversion Costs 180,000; Finished Goods, beginning 30,000; Prime Costs 245,000; Raw Materials Inventory, beginning 50,000; How much is the corporation's total cost of goods manufactured?
The following account balances and other information were taken from the accounting records of TITAN Corporation for the year ended Dec. 31, 2021: Finished Goods, ending P 15,000; Work-in-Process, ending P 75,000; Raw Materials Inventory, ending 25,00O; Net Purchases 120,000; Work-in-Process, beginning 25,000; Conversion Costs 180,000; Finished Goods, beginning 30,000; Prime Costs 245,000; Raw Materials Inventory, beginning 50,000; How much is the corporation's total cost of goods manufactured?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The following account balances and
other information were taken from
the accounting records of TITAN
Corporation for the year ended Dec.
31, 2021: Finished Goods, ending P
15,000; Work-in-Process, ending P
75,000; Raw Materials Inventory,
ending 25,00O; Net Purchases
120,000; Work-in-Process, beginning
25,000; Conversion Costs 180,0003;
Finished Goods, beginning 30,000;
Prime Costs 245,000; Raw Materials
Inventory, beginning 50,000; How
much is the corporation's total cost of
goods manufactured?
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