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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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.

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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