Question
1)Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished goods inventory is $80,000. Cost of goods manufactured for the
1)Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished goods inventory is $80,000. Cost of goods manufactured for the FY 2016 was $260,000. Use this information to determine the dollar amount of the FY 2016 cost of goods sold. (Round dollar values & enter as whole dollars only.)
2)Bravo Manufacturing had a Work in Process balance of $90,000 on January 1, 2016. The year end balance of Work in Process was $82,000 and the Cost of Goods Manufactured was $850,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2016. (Round dollar values & enter as whole dollars only.)
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