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Help Thanks... BC Company manufactures picture frames. During the year the company had the following costs: direct materials used $40,000, direct labor $25,000, factory rent
Help Thanks... BC Company manufactures picture frames. During the year the company had the following costs: direct materials used $40,000, direct labor $25,000, factory rent $12,000, factory utilities $3000, factory equipment depreciation $6,000, office equipment depreciation $4,000, selling expense $5,000, and administrative expenses S40,000. Assume all overhead is applied. ABC Company had no beginning inventory balances and completed 45,000 frames. What is their cost (COGS) for one frame? Written Problem \#1: Consider the following data set: On the 1st, Beginning Inventory has 7 units @ $8 each; on the 10 th, 12 units were purchased at $9 each; on the 15 th, 15 units were sold at $20 each; on the 20 th, 10 units were purchased at $10 each; on the 30 th, 8 units were sold at $20 each. Calculate COGS, END and GP for both FIFO and LIFO. Type your answer in the box below OR type on Word or Excel and upload under Exam 1 Problem Upload. Show your work
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