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A company's trial balance shows the following balances: raw materials inventory $20,000, work in process inventory $15,000, finished goods inventory $25,000, direct labor $35,000, factory
A company's trial balance shows the following balances: raw materials inventory $20,000, work in process inventory $15,000, finished goods inventory $25,000, direct labor $35,000, factory rent $10,000, and factory utilities $5,000. Prepare a cost of goods sold statement using absorption costing method.
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