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Calculate the cost of goods manufactured for a company that incurred the following costs during the year: Direct materials $50,000, Direct labor $30,000, Manufacturing overhead
Calculate the cost of goods manufactured for a company that incurred the following costs during the year: Direct materials $50,000, Direct labor $30,000, Manufacturing overhead $20,000, Beginning work in process inventory $10,000, and Ending work in process inventory $15,000. Additionally, discuss how changes in work in process inventory impact the calculation and interpretation of manufacturing costs, and their implications for financial reporting and decision-making.
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