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

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

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.
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