What was the balance in the Finished Goods Inventory on January 1, 2018? The following information is for X Company, a manufacturer, in 2018:Direct materials purchasedDirect materials used$ 32,96130,647Direct labor11,812Overhead21,068Work in process inventory, Jan. 1, 2018,6,638Work in process inventory, Dec. 31, 2018,10,984Finished goods inventory, Dec. 31, 2018,2,650Cost of goods sold59,757What was the balance in the Finished Goods Inventory on January 1,2018?a. $1,057b. $1,321c. $1,652d. $2,065e. $2,581f. $3,226

Answered: The following information is for X…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

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Chapter5: Process Costing

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Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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Concord Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory. Dec. 31, 2020 O $2190700 O $2110700 Ⓒ$2260700. O $2010700 $310000 300000 190000 Dec. 31, 2019. $260000 160000 150000 During 2020, $920000 of raw materials were purchased, direct labor costs amounted to $684700, and manufacturing overhead incurred was $736000. If Concord Corporation's cost of goods manufactured for 2020 amounted to $2150700, its cost of goods sold for the year is
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