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The following information has been taken from the perpetual inventory system of Summit Manufacturing for the month ended September 30: Purchases of direct materials | $75,000 || Direct materials used | $68,000 || Direct labor costs assigned to production | $42,000 || Manufacturing overhead costs incurred (and applied) | $53,000 | Balances in inventory September 30 September 1 Materials Work in Process Finished Goods $? $76,000 $82,000 $18,000 $54,000 $65,000 The cost of finished goods manufactured in September is: A. $173,000 B. $141,000 C. $163,000 D. Some other amount

The following information has been taken from the perpetual inventory system of Summit Manufacturing for the month ended September 30: Purchases of direct materials | $75,000 || Direct materials used | $68,000 || Direct labor costs assigned to production | $42,000 || Manufacturing overhead costs incurred (and applied) | $53,000 | Balances in inventory September 30 September 1 Materials Work in Process Finished Goods $? $76,000 $82,000 $18,000 $54,000 $65,000 The cost of finished goods manufactured in September is: A. $173,000 B. $141,000 C. $163,000 D. Some other amount

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter9: Working Capital
Section: Chapter Questions
Problem 27E
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The following information has been taken from the perpetual inventory system of Summit Manufacturing for the month ended September 30: Purchases of direct materials | $75,000 || Direct materials used | $68,000 || Direct labor costs assigned to production | $42,000 || Manufacturing overhead costs incurred (and applied) | $53,000 | Balances in inventory September 30 September 1 Materials Work in Process Finished Goods $? $76,000 $82,000 $18,000 $54,000 $65,000 The cost of finished goods manufactured in September is: A. $173,000 B. $141,000 C. $163,000 D. Some other amount
Transcribed Image Text:The following information has been taken from the perpetual inventory system of Summit Manufacturing for the month ended September 30: Purchases of direct materials | $75,000 || Direct materials used | $68,000 || Direct labor costs assigned to production | $42,000 || Manufacturing overhead costs incurred (and applied) | $53,000 | Balances in inventory September 30 September 1 Materials Work in Process Finished Goods $? $76,000 $82,000 $18,000 $54,000 $65,000 The cost of finished goods manufactured in September is: A. $173,000 B. $141,000 C. $163,000 D. Some other amount
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