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Cookie Company began operations in August, 2019 selling bags of chocolate chip cookies. They completed the following transactions in the month of August. Trace how

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Cookie Company began operations in August, 2019 selling bags of chocolate chip cookies. They completed the following transactions in the month of August. Trace how the costs flowed through the company using the product cost flow diagram in Exhibit 16-11 (see next page) During the month of August: Purchased cookie ingredients; flour, butter, sugar, chocolate chips, vanilla, eggs and baking soda, $5,000 Purchased cooking spray (indirect materials), $100 Purchased plastic bags for packaging cookies for sale, $1,000 Used $4,200 of cookie ingredients to bake cookies Used $800 of plastic bags. Used $40 of cooking spray Paid the baker and packer $1,000 each for the month. Paid monthly rent of the baking facilities of $1,200 Paid monthly electricity cost of $300 Sold cookies for $10,000; these cookies cost $7,490 to produce. At the end of the month, $300 of cookies remained unpackaged (in Work-in-process inventory) Indicate the following amounts, showing supporting computations: 1) Balance left in Raw Materials Inventory at the end of the month: $ 2) Total Direct Materials Used for the month: $ 3) Total Manufacturing Overhead Used: $ 4) Cost of Goods Manufactured for the month: $. 5) Finished Goods Inventory at the end of the month: $ 6) Gross Margin for the month: $. Purchase of Raw Materials (Direct and Indirect) Direct Materials Used Finished Goods Inventory Cost of Goods Sold Work-in Process Inventory COGM Raw Materials Inventory Direct Labor Used Manufacturing Overhead Used

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