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Shown below is the flow of costs through financial statements, with the flow through the inventory account broken down a bit further. If the beginning
Shown below is the flow of costs through financial statements, with the flow through the inventory account broken down a bit further. If the beginning balances of raw materials, work-in-process, and finished goods are all 0 , and the ending balances of RM, WIP and FG are all $20,000, which of the following statements is correct? If direct material is $30,000, then $10,000 of raw materials is purchased during the month If product costs are $75,000, then $35,000 of finished goods are sold If $75,000 of inventory is completed and moved to finished goods during the month, then product costs are $55,000 If $75,000 of finished goods are sold, then $55,000 of inventory is completed and moved to finished goods during the month
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