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C- The following information have been take from a manufacturing company for the year 2020: Sales revenues $74,000 inventory of raw materials; January 1, 2020

C-

The following information have been take from a manufacturing company for the year 2020:

Sales revenues

$74,000

inventory of raw materials; January 1, 2020

5,000

inventory of raw materials; December 31, 2020

6,000

inventory of work in progress; January 1, 2020

8,000

inventory of work in progress; December 31, 2020

7,000

inventory of finished goods; January 1 2020

6,000

inventory of finished goods; December 31, 2020

4,000

Sales returns

1,500

cost of goods produced

56,000

Trade discount allowed

2,500

Cash discount allowed

2,000

Salaries Expense

10,000

Required: Calculate cost of goods sold and gross profit for the year ended December 31, 2020.

(5 Marks)

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