XYZ Corporation started three years ago. Operations were smooth until December 20 of this year, whentheir cost accountant, named Cutie Pie, went AWOL (absence without leave). The management wasworried because all of the data in his possession was also lost. Then they decided to hire you to helpthem solve their problem. They were able to trace transactions and summarized them to the followingbut with some missing amounts:Raw MaterialManufacturing OverheadBal. 1/130,000Credits?Debits385,000 | CreditsDebits420,000Bal. 12/3160,000Work in ProcessFactory Wages PayableBal. 1/170,000Credits810,000Debits179,000Bal. 1/110,000Direct materialDirect labor320,000110,000Credits175,000OverheadBal. 12/316,000Bal. 12/31?Finished GoodsCost of Goods SoldBal. 1/140,000Credits?DebitsDebitsBal. 12/31130,000REQUIRED:1. How much of the factory labor cost for the year consisted of indirect labor?2. What is the ending balance of Work-in-Process?3. What was the cost of goods sold for the year?

Cost of Goods Manufactured is calculated by Adding Direct Materials , Direct labour and Overhead…

Answered: XYZ Corporation started three years…

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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