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The following information is available for Penny Worth, Inc. for the fiscal year ending December 31, 2020: Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expenses Sales $170,000 340,000 490,000 430,000 2,660,000 2,940,000 1,560,000 1,350,000 8,310,000

The following information is available for Penny Worth, Inc. for the fiscal year ending December 31, 2020: Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expenses Sales $170,000 340,000 490,000 430,000 2,660,000 2,940,000 1,560,000 1,350,000 8,310,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is available for Penny Worth, Inc. for the fiscal year ending December 31, 2020: Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expenses Sales (a) $170,000 340,000 490,000 430,000 2,660,000 2,940,000 1,560,000 1,350,000 8,310,000
Transcribed Image Text:The following information is available for Penny Worth, Inc. for the fiscal year ending December 31, 2020: Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expenses Sales (a) $170,000 340,000 490,000 430,000 2,660,000 2,940,000 1,560,000 1,350,000 8,310,000
Prepare a schedule of cost of goods manufactured. 0: O: Penny Worth, Inc. Schedule of Cost of Goods Manufactured O O
Transcribed Image Text:Prepare a schedule of cost of goods manufactured. 0: O: Penny Worth, Inc. Schedule of Cost of Goods Manufactured O O
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