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The following beginning and ending inventory balances apply to ABC Company's 2023 accounting period: • • Raw Materials Inventory: Beginning- $35,000; Ending- $30,000 Work in Process Inventory: Beginning- $45,000; Ending- $48,000 Finished Goods Inventory: Beginning- $28,000; Ending- $25,000 During 2023, the company purchased $325,000 of direct raw materials. It incurred $240,000 of direct labor costs for the year and allocated $290,000 of manufacturing overhead costs to work in process. There was no overapplied or underapplied overhead. Revenue from goods sold during the year was $950,000. Calculate the cost of goods manufactured (amount transferred from WIP to finished goods).

The following beginning and ending inventory balances apply to ABC Company's 2023 accounting period: • • Raw Materials Inventory: Beginning- $35,000; Ending- $30,000 Work in Process Inventory: Beginning- $45,000; Ending- $48,000 Finished Goods Inventory: Beginning- $28,000; Ending- $25,000 During 2023, the company purchased $325,000 of direct raw materials. It incurred $240,000 of direct labor costs for the year and allocated $290,000 of manufacturing overhead costs to work in process. There was no overapplied or underapplied overhead. Revenue from goods sold during the year was $950,000. Calculate the cost of goods manufactured (amount transferred from WIP to finished goods).

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 70APSA: Inventory Costing and LCM Ortman Enterprises sells a chemical used in various manufacturing...
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The following beginning and ending inventory balances apply to ABC Company's 2023 accounting period: • • Raw Materials Inventory: Beginning- $35,000; Ending- $30,000 Work in Process Inventory: Beginning- $45,000; Ending- $48,000 Finished Goods Inventory: Beginning- $28,000; Ending- $25,000 During 2023, the company purchased $325,000 of direct raw materials. It incurred $240,000 of direct labor costs for the year and allocated $290,000 of manufacturing overhead costs to work in process. There was no overapplied or underapplied overhead. Revenue from goods sold during the year was $950,000. Calculate the cost of goods manufactured (amount transferred from WIP to finished goods).
Transcribed Image Text:The following beginning and ending inventory balances apply to ABC Company's 2023 accounting period: • • Raw Materials Inventory: Beginning- $35,000; Ending- $30,000 Work in Process Inventory: Beginning- $45,000; Ending- $48,000 Finished Goods Inventory: Beginning- $28,000; Ending- $25,000 During 2023, the company purchased $325,000 of direct raw materials. It incurred $240,000 of direct labor costs for the year and allocated $290,000 of manufacturing overhead costs to work in process. There was no overapplied or underapplied overhead. Revenue from goods sold during the year was $950,000. Calculate the cost of goods manufactured (amount transferred from WIP to finished goods).
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Cornerstones of Financial Accounting
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ISBN:
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