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Use the following information to solve the next questions: Beginning direct materials inventory P 20,000 Beginning WIP inventory 20.000 Beginning finished goods inventory 40,000 Ending direct materials inventory 10,000 Ending WIP inventory 100,000 Ending finished goods inventory 50.000

Use the following information to solve the next questions: Beginning direct materials inventory P 20,000 Beginning WIP inventory 20.000 Beginning finished goods inventory 40,000 Ending direct materials inventory 10,000 Ending WIP inventory 100,000 Ending finished goods inventory 50.000

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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Use the following informatin to solve the questions:

Use the following information to solve the next questions: Beginning direct materials inventory P 20,000 Beginning WIP inventory 20.000 Beginning finished goods inventory 40,000 Ending direct materials inventory 10.000 Ending WIP inventory 100,000 Ending finished goods inventory 50.000 Purchases 140,000 Direct labor 160,000 Factory overhead 200,000 1. What is the amount of cost of goods manufactured during the period? 2. What is the amount of cost of goods sold during the period?
Transcribed Image Text:Use the following information to solve the next questions: Beginning direct materials inventory P 20,000 Beginning WIP inventory 20.000 Beginning finished goods inventory 40,000 Ending direct materials inventory 10.000 Ending WIP inventory 100,000 Ending finished goods inventory 50.000 Purchases 140,000 Direct labor 160,000 Factory overhead 200,000 1. What is the amount of cost of goods manufactured during the period? 2. What is the amount of cost of goods sold during the period?
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