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Just need some help on this please! I will rate! Many thanks and God bless!!! W T116-3 (book/static) 12. ABC Manufacturing Company has the following
Just need some help on this please!
I will rate!
Many thanks and God bless!!!
W T116-3 (book/static) 12. ABC Manufacturing Company has the following data for 2019 (amounts in millions): E: (Click the icon to view the information.) Prepare the schedule of cost of goods manufactured and the cost of goods sold section of the income statement for the year ended December 31, 2019. Data Table $ 12 $ 5 Begin by preparing the schedule of cost of goods manufactured. ABC Manufacturing Company Schedule of Cost of Goods Manufactured Year Ended December 31, 2019 (in millions) Beginning Work-in-Process Inventory Direct Materials Used: Beginning Direct Materials $ 5 Purchases of Direct Materials (including Freight In) 25 Direct Materials Available for Use 30 Ending Direct Materials (7) Direct Materials Used Direct Labor 7 12 Direct Materials, January 1 Direct Materials, December 31 Work-in-Process Inventory, January 1 Work-in-Process Inventory, December 31 Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Direct Materials Purchased, including Freight In 16 8 6 $ 23 25 36 Direct Labor 36 Manufacturing Overhead 17 Manufacturing Overhead 17 76 Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory 88 (16) Print 191 Done $ 72 Cost of Goods Manufactured ABC Manufacturing Company Schedule of Cost of Goods Sold Year Ended December 31, 2019 (in millions) Cost of Goods Available for Sale Cost of Goods SoldStep by Step Solution
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