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The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts. Compute the
The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts. Compute the cost amounts for the input boxes.
Materials Activity Raw materials purchases $532,000 Beginning raw materials inventory $145,500 Raw materials available for use in production $ Ending raw materials inventory $175,000 Direct materials used in production Production Activity Direct labor used in production $350,000 Factory overhead used in production $750,000 Beginning work in process inventory Total work in process Ending work in process inventory $84,500 Finished goods manufactured $1,593,500 Sales Activity Beginning finished goods inventory Finished goods available for sale $1,740,250 Ending finished goods inventory $139,950 Finished goods sold $Step by Step Solution
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