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The WIP account shows a beginning balance of $21,000 and an ending balance of $18,000. The Materials account shows a beginning balance of $6,000 and
The WIP account shows a beginning balance of $21,000 and an ending balance of $18,000. The Materials account shows a beginning balance of $6,000 and ending balance of $8,500. Materials purchased totaled $15,000. Indirect materials issued were $2500. Total labor costs were $32,000, of which $19,000 was direct and $13,000 was indirect. The debit footing of the overhead account was $12,000 and the credit footing was $15,000. If you were to complete a Schedule of the Cost of Goods Manufactured, how much would you end up showing? You will also need to actually make a Schedule of COGM for the next question. You may want to make that before answering here. You may also want to use T-accounts to help you
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