Question
+Based on the following, calculate the Cost of Goods Sold. (You must show and label your work for credit.) Advertising Expense $9,000 Cost of Goods
+Based on the following, calculate the Cost of Goods Sold. (You must show and label your work for credit.)
| Advertising Expense | $9,000 |
| Cost of Goods Manufactured | $20,000 |
| Finished Goods Inventory, 1/1/2020 | $14,000 |
| Finished Goods Inventory, 12/31/2020 | $14,000 |
| Work-in-Process Inventory, 1/1/2020 | $17,000 |
| Work-in-Process Inventory, 12/31/2020 | $20,000 |
+Based on the following, what is the amount of Raw Materials Used? (You must show and label your work for credit.)
| Beginning Balance-Work-in-Process Inventory | $30,000 |
| Ending Balance-Work-in-Process Inventory | $58,000 |
| Beginning Balance-Raw Materials Inventory | $78,000 |
| Ending Balance-Raw Materials Inventory | $61,000 |
| Purchases-Raw Materials | $358,000 |
| Direct Labor | $470,000 |
| Indirect Labor | $21,000 |
| Depreciation on Factory Plant and Equipment | $24,000 |
| Plant Utilities and Insurance | $268,000 |
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Investment Science
Authors: David G. Luenberger
2nd Edition
0199740089, 978-0199740086
