Question
Laramie Company produces custom windows to specifications provided by architects. At the end of its accounting period, its account balances indicated the following: Raw Materials
Laramie Company produces custom windows to specifications provided by architects. At the end of its accounting period, its account balances indicated the following: Raw Materials Inventory $76,000 Work in Process Inventory 84,000 Finished Goods Inventory 48,000 Cost of Goods Sold 468,000 Manufacturing Overhead (credit balance) 50,000 Determine the adjusted balances of the accounts if the balance in Manufacturing Overhead is considered immaterial in amount and assigned to Cost of Goods Sold. Adjusted Balance Raw Material Inventory $ ?? Work in Process Inventory $ ?? Finished Goods Inventory $ ?? Cost of Goods Sold $ ?? Determine the adjusted balances of the accounts if the balance in Manufacturing Overhead is considered material in amount. Adjusted Balance Raw Material Inventory $ ?? Work in Process Inventory $ ?? Finished Goods Inventory $ ?? Cost of Goods Sold $??
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