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TB Problem Qu. 2-135 (Algo) Tao Company had the following inventory... Tao Company had the following inventory balances at the beginning and end of the
TB Problem Qu. 2-135 (Algo) Tao Company had the following inventory... Tao Company had the following inventory balances at the beginning and end of the year: December 31 $ 24,500 206,000 279,000 Raw material Work in process Finished goods January 1 $ 41,000 154,000 340,000 During the year, the company purchased $160,000 of raw material and incurred $364,000 of direct labor costs. Other data: manufacturing overhead incurred, $510,000; sales, $1,660,000; selling and administrative expenses, $82,000; income tax rate, 30%. Required: A. Calculate cost of goods manufactured. B. Calculate cost of goods sold. C. Determine Tao's net income. A. Cost of goods manufactured B. Cost of goods sold C. Net income
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