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Misdale Company started the year with the following beginning account balances: Raw Materials Inventory, $49,000; Work in Process Inventory, $97,000; and Finished Goods Inventory, $27,000.During
Misdale Company started the year with the following beginning account balances: Raw Materials Inventory, $49,000; Work in Process Inventory, $97,000; and Finished Goods Inventory, $27,000.During the year, the company purchased $67,000 of raw materials and ended the year with $23,000 of raw materials. Direct labor costs for the year were $127,000 and a total of $43,000 of manufacturing overhead costs were allocated to work in process. There was no over- or underallocated overhead. Ending work in process was $89,000 and ending finished goods was $42,000. Goods were sold to customers during the year for $357,000. How much gross margin would be reported for the year? O $121,000 O $101,000 $147,000 $86,000
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