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Please help, the last answer I got was incorrect? Best Shoe Company makes loafers. During the most recent year, Best incurred total manufacturing costs of
Please help, the last answer I got was incorrect?
Best Shoe Company makes loafers. During the most recent year, Best incurred total manufacturing costs of $21, 600,000. Of this amount $2, 700,000 was direct materials used and $14, 800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory, $700,000: Work-in-Process Inventory, $900,000: and Finished Goods Inventory, $800,000. At the end of the year, balances were Raw Materials Inventory $800,000: Work-in-Process Inventory, $1, 100,000; and Finished Goods Inventory, $1, 030,000. Requirements Analyze the inventory accounts to determine: Cost of raw materials purchased during the year. Cost of goods manufactured for the year. Cost of goods sold for the yearStep by Step Solution
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