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The pillow shop sells beautifully decorated pillows for $104 each. In the first month of the year, they produced 2,200 pieces and sold 1,750. Actual fixed costs were the same as planned and other details are as follows: Variable cost of production Variable marketing costs Fixed production costs $24 per pc $3.9 per pc $13 per pc

The pillow shop sells beautifully decorated pillows for $104 each. In the first month of the year, they produced 2,200 pieces and sold 1,750. Actual fixed costs were the same as planned and other details are as follows: Variable cost of production Variable marketing costs Fixed production costs $24 per pc $3.9 per pc $13 per pc

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 pillow shop sells beautifully decorated pillows for $104 each. In the first month of the year, they produced 2,200 pieces and sold 1,750. Actual fixed costs were the same as planned and other details are as follows: Variable cost of production Variable marketing costs Fixed production costs Fixed administrative costs Final stock Raw material Products in progress Finished products $24 per pc $3.9 per pc $13 per pc $23 per pc 0 0 450 Calculate cost of goods sold using the gross margin method.
Transcribed Image Text:The pillow shop sells beautifully decorated pillows for $104 each. In the first month of the year, they produced 2,200 pieces and sold 1,750. Actual fixed costs were the same as planned and other details are as follows: Variable cost of production Variable marketing costs Fixed production costs Fixed administrative costs Final stock Raw material Products in progress Finished products $24 per pc $3.9 per pc $13 per pc $23 per pc 0 0 450 Calculate cost of goods sold using the gross margin method.
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