Year 1 Year 2 Item: Direct materials used in production Direct materials: Beginning inventory Dircct materials purchases Dircct materials: Ending inventory Dircct labor uscd in production Manufacturing overhcad costs used in production Work in proccss: Beginning inventory Work in process: Ending inventory Finished goods: Beginning inventory Finished goods: Ending inventory Cost of goods sold $50,000 $ 10,000 P 17,000 45,000 15,000 b 53,000 80,000 76,000 17,000 14,000 14,000 19,000 8,000 7,000 7,000 11,000 169,000

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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Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2.

 

Required :

Calculate the values of the missing Items a through e.

Year 1
Year 2
Item:
Direct materials used in production
Direct materials: Beginning inventory
Dircct materials purchases
Dircct materials: Ending inventory
Dircct labor uscd in production
Manufacturing overhcad costs used in production
Work in proccss: Beginning inventory
Work in process: Ending inventory
Finished goods: Beginning inventory
Finished goods: Ending inventory
Cost of goods sold
$50,000
$ 10,000
P
17,000
45,000
15,000
b
53,000
80,000
76,000
17,000
14,000
14,000
19,000
8,000
7,000
7,000
11,000
169,000
Transcribed Image Text:Year 1 Year 2 Item: Direct materials used in production Direct materials: Beginning inventory Dircct materials purchases Dircct materials: Ending inventory Dircct labor uscd in production Manufacturing overhcad costs used in production Work in proccss: Beginning inventory Work in process: Ending inventory Finished goods: Beginning inventory Finished goods: Ending inventory Cost of goods sold $50,000 $ 10,000 P 17,000 45,000 15,000 b 53,000 80,000 76,000 17,000 14,000 14,000 19,000 8,000 7,000 7,000 11,000 169,000
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