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Consider the following account balances (in thousands) for the Canseco companies. Required: 1 Prepare a schedule for the cost of goods manufactured for 2011. 2
Consider the following account balances (in thousands) for the Canseco companies.
Required:
1 Prepare a schedule for the cost of goods manufactured for 2011.
2 Revenues for 2011 were $300 million. Prepare the income statement for 2011.
Part B:
Define and contrast period costs and product costs. How are they reported in the financial statements of a manufacturing company?
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