The following information was taken from Cristine Company's accounting records for thecurrent year:Decrease in raw materials inventoryP500,000Increase in goods in process inventory800,000Decrease in finished goods inventory1,000,000Direct materials purchased20,000,000Direct labor payroll5,000,000Factory overhead4,000,000Freight out1,500,000Freight in2,300,000The cost of goods sold is

Cost of goods sold = Cost of goods manufactured + Decrease in finished goods inventory Cost of goods…

The following information was taken from Cristine Company's accounting records for the current year: Decrease in raw materials inventory P500,000 Increase in goods in process inventory Decrease in finished goods inventory 800,000 1,000,000 Direct materials purchased 20,000,000 Direct labor payroll 5,000,000 Factory overhead 4,000,000 Freight out 1,500,000 Freight in 2,300,000 The cost of goods sold is

The following information was taken from Cristine Company's accounting records for the current year: Decrease in raw materials inventory P500,000 Increase in goods in process inventory Decrease in finished goods inventory 800,000 1,000,000 Direct materials purchased 20,000,000 Direct labor payroll 5,000,000 Factory overhead 4,000,000 Freight out 1,500,000 Freight in 2,300,000 The cost of goods sold is

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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Sun Inc. has provided the following information: $ 60,000 55,000 Beginning Work-in-Process Inventory Beginning Raw Materials Inventory Purchases and Freight In of Raw Materials Ending Raw Materials Inventory 315,000 80,000 Direct Labor 70,000 Depreciation-Plant and Equipment Plant Utilities, Insurance, and Property Taxes 25,000 15,500 Ending Work-in-Process Inventory Selling and distribution overhead 23,000 40,000 Calculate the cost of goods manufactured. a) $412,500 b) $437,500 c) $477,500 d) $422,000
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