Question
The manufacturing operations of a company had the following balances for the year: Beginning/Ending Balance Raw materials: $84,000/91,000 Work in process: $45,000/59,000 Finished goods: $28,000/23,000
The manufacturing operations of a company had the following balances for the year:
Beginning/Ending Balance
Raw materials: $84,000/91,000
Work in process: $45,000/59,000
Finished goods: $28,000/23,000
The company transferred $918,000 of completed goods out of Work in process during the year. The overhead is under applied by $3,000.
What is the adjusted cost of goods sold for the year?
Correct answer is $926,000. I need to know how, and how to determine which formulas to use, how to determine where the numbers should go in the equation, etc. Thx!!
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Government and Not-for-Profit Accounting Concepts and Practices
Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese, Daniel L. Smith
8th edition
1119495814, 1119495857, 1119495819, 9781119495819 , 978-1119495857
