Question
Michael's Manufacturing, Inc. has the following information available for the year 2020: January 1 (Beginning) December 31 (Ending) Direct materials inventory $900,000 $850,000 Work-in-process inventory
Michael's Manufacturing, Inc. has the following information available for the year 2020:
| January 1 (Beginning) | December 31 (Ending) | |
| Direct materials inventory | $900,000 | $850,000 |
| Work-in-process inventory | 1,100,000 | 1,530,000 |
| Finished goods inventory | 310,000 | 365,000 |
Direct materials used during the year amount to $1,200,000 and the cost of goods sold for the year was $1,350,000. Find the following by completing a cost of goods sold statement.
Total manufacturing costs incurred during the year is:
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Fundamentals of Cost Accounting
Authors: William Lanen, Shannon Anderson, Michael Maher
4th edition
78025524, 978-0078025525
