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Could use some help with this, thanks! Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor
Could use some help with this, thanks!
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 404,000 348,000 44,400 595,000 79,600 69,600 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 33,000 49,000 151,000 December 31 $ 52,000 43,200 83,800 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Cornelius Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials Materials available Materials used Factory overhead Total factory overhead Total manufacturing costs Total manufacturing costs to account for Cost of goods sold Cost of goods available for saleStep by Step Solution
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