Cost of Goods Manufactured and Sold Selected account balances of Daigle Manufacturers Inc. appear below for 2020:
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Question:
Cost of Goods Manufactured and Sold
Selected account balances of Daigle Manufacturers Inc. appear below for 2020:
Beginning of Year | End of Year | |
Finished Goods Inventory | $25,000 | $32,000 |
Work in Process Inventory | 30,000 | 35,000 |
Raw Materials Inventory | 46,000 | 26,000 |
Sales | 360,000 | |
Direct Labor | 45,000 | |
Factory Supervisory Salaries | 18,000 | |
Income Tax Expense | 25,000 | |
Factory Insurance | 12,000 | |
Raw Materials Purchases | 75,000 | |
Administrative Expenses | 17,000 | |
Sales Returns and Allowances | 15,000 | |
Factory Depreciation Expense | 22,000 | |
Indirect Labor | 11,000 | |
Selling Expenses | 35,000 |
Instructions
Using the above information for Daigle Manufacturers Inc., answer the following questions.
1. What was the amount of raw materials used?
2. What was the total manufacturing cost incurred?
3. What was the cost of goods manufactured?
4. What was the cost of goods sold?
Related Book For
Managerial Accounting for Managers
ISBN: 978-0073527130
2nd edition
Authors: Eric Noreen, Peter Brewer, Ray Garrison
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