The following balances are from the accounts of Tappan Parts. January 1 (Beginning) 962,000 1,354,000 312,000 December 31 Direct materials inventory Work-in-process inventory Finished goods inventory (Ending) 884,000 1,430,000 364,000 Direct materials used during the year amount to $1,196,000 and the cost of goods sold for the year was $1,378,000.
The following balances are from the accounts of Tappan Parts. January 1 (Beginning) 962,000 1,354,000 312,000 December 31 Direct materials inventory Work-in-process inventory Finished goods inventory (Ending) 884,000 1,430,000 364,000 Direct materials used during the year amount to $1,196,000 and the cost of goods sold for the year was $1,378,000.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:The following balances are from the accounts of Tappan Parts.
January 1
(Beginning)
962,000
1,354,000
312,000
December 31
Direct materials inventory
Work-in-process inventory
Finished goods inventory
(Ending)
884,000
1,430,000
364,000
Direct materials used during the year amount to $1,196,000 and the cost of goods sold for the year was $1,378,000.
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