Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold:Data TableBalances:BeginningEndingDirect Materials$23,000$31,000Work-in-Process Inventory44,00037,000Finished Goods Inventory20,00022,000Data TableOther information: Purchases of direct materials$76,000Direct labor89,000Manufacturing overhead42,000 First, compute cost of goods manufactured. Schedule of Cost of Goods ManufacturedBeginning Work-in-Process Inventory Direct Materials Used: Direct Materials Used Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured

Name: Use the following information for a manufacturer to compute cost of go
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Description: Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold:Data TableBalances:BeginningEndingDirect Materials$23,000$31,000Work-in-Process Inventory44,00037,000Finished Goods Inventory20,00022,000Da

Cost of goods manufactured can be computed as follows

Answered: Use the following information for a…

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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Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold:

Data Table

Balances:	Beginning	Ending
Direct Materials	$23,000	$31,000
Work-in-Process Inventory	44,000	37,000
Finished Goods Inventory	20,000	22,000

Data Table

Other information:
Purchases of direct materials	$76,000
Direct labor	89,000
Manufacturing overhead	42,000

First, compute cost of goods manufactured.

Schedule of Cost of Goods Manufactured

Beginning Work-in-Process Inventory

Direct Materials Used:

Direct Materials Used

Total Manufacturing Costs Incurred during the Year

Total Manufacturing Costs to Account For

Cost of Goods Manufactured

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