Vaughn Manufacturing's accounting records reflect the following inventories: 12/31/2020 12/31/2019 $260000 Raw materials inventory $310000 Work in process inventory 300000 160000 Finished goods inventory 190000 150000 During 2020, $620000 of raw materials were purchased, direct labor costs amounted to $534400, and manufacturing overhead incurred was $592000. If Vaughn Manufacturing's cost of goods manufactured for 2020 amounted to $1556400, its cost of goods sold for the year is

Vaughn Manufacturing's accounting records reflect the following inventories: 12/31/2020 12/31/2019 $260000 Raw materials inventory $310000 Work in process inventory 300000 160000 Finished goods inventory 190000 150000 During 2020, $620000 of raw materials were purchased, direct labor costs amounted to $534400, and manufacturing overhead incurred was $592000. If Vaughn Manufacturing's cost of goods manufactured for 2020 amounted to $1556400, its cost of goods sold for the year 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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