Question
LeanNMean Manufacturing uses just-in-time inventory techniques to reduce their carrying costs. Despite having a low level of working capital, they experience significant sales and production
LeanNMean Manufacturing uses just-in-time inventory techniques to reduce their carrying costs. Despite having a low level of working capital, they experience significant sales and production levels. LeanNMean reported the following information at year-end:
Beginning Raw Materials Inventory | $500 |
Ending Raw Materials inventory: | $600 |
Beginning Work in Process: | $2,000 |
Ending Work in Process: | $2,100 |
Beginning Finished Goods Inventory: | $1,200 |
Ending Finished Goods Inventory: | $900 |
Materials Purchased: | $65,000 |
Indirect Materials Used: | $2,000 |
Direct Labor Wages: | $72,000 |
Indirect Labor Wages: | $100,000 |
Production Equipment Depreciation: | $5,000 |
Equipment Maintenance: | $3,000 |
Factory Rent: | $5,000 |
Office Supplies Used: | $200 |
Selling and Administrative Expenses: | $328,000 |
What was LeanNMeans Cost of Goods Sold for the period (show complete schedule)
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