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Using $2986000 as the cost of goods manufactured, compute the cost of goods sold using the following information. Raw materials inventory, January 1 $ 20000
Using $2986000 as the cost of goods manufactured, compute the cost of goods sold using the following information.
| Raw materials inventory, January 1 | $ 20000 |
| Raw materials inventory, December 31 | 40000 |
| Work in process, January 1 | 18000 |
| Work in process, December 31 | 12000 |
| Finished goods, January 1 | 40000 |
| Finished goods, December 31 | 32000 |
| Raw materials purchases | 1640000 |
| Direct labor | 760000 |
| Factory utilities | 150000 |
| Indirect labor | 50000 |
| Factory depreciation | 400000 |
| Operating expenses | 420000 |
$2994000.
$2992000.
$2954000.
$2978000.
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian edition
978-1119496496
