Question
Cost of Goods Manufactured and Sold Cornelius Company produces womens clothing. During the year, the company incurred the following costs: Factory rent $380,000 Direct labor
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Cost of Goods Manufactured and Sold Cornelius Company produces womens clothing. During the year, the company incurred the following costs:
Factory rent $380,000 Direct labor 300,000 Utilitiesfactory 38,000 Purchases of direct materials 555,000 Indirect materials 66,000 Indirect labor 60,000
Page 0104 Inventories for the year were as follows:
Cost of Goods Manufactured and Sold Cornelius Company produces womens clothing. During the year, the company incurred the following costs:
| Factory rent | $380,000 |
| Direct labor | 300,000 |
| Utilitiesfactory | 38,000 |
| Purchases of direct materials | 555,000 |
| Indirect materials | 66,000 |
| Indirect labor | 60,000 |
Inventories for the year were as follows:
| January 1 | December 31 | |
|---|---|---|
| Materials | $25,000 | $40,000 |
| Work-in-Process | 45,000 | 40,000 |
| Finished Goods | 135,000 | 75,000 |
Required
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Prepare a statement of cost of goods manufactured.
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Calculate cost of goods sold.
NO picture file please
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
27th edition
978-1337272094, 1337272094, 978-1337514071, 1337514071, 978-1337899451
