Financial Accounting The following information pertains to Tom'sCountry Wood Shop:Beginning finished goods, 1/1/24 $16,500Ending finished goods, 12/31/24 7,200Cost of goods sold67,000What is the cost of goods manufacturedfor 2024?

Step 1: Use the formula for Cost of Goods Sold (COGS)Step 2: Rearrange the formula to solve for Cost…

Answered: The following information pertains to…

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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Calculate cost of goods manufacturing and cost of goods sold based on the following data belo
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1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Credit Debit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) | 325,000 Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales 21,000 38,900 13,500 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable Bank Cash Drawings Capital as at 1 Jan 2020 4,800 5,900 1,000,000 64,000 142,300 16,800 1,500 60,000 357,800 1,421,800 1,421,800 ТОTAL Prepared by: Puan Siti Nor Junita Mohd Radzi

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The following information pertains to Tom's Country Wood Shop: Beginning finished goods, 1/1/24 $16,500 Ending finished goods, 12/31/24 7,200 Cost of goods sold 67,000 What is the cost of goods manufactured for 2024?