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With the following transactions, determine the Cost of Good Sold for a Manufacturing plant. A $7000 loan was obtained and deposited in cash Another loan
With the following transactions, determine the Cost of Good Sold for a Manufacturing plant.
- A $7000 loan was obtained and deposited in cash
- Another loan was obtained for the purchase of new equipment for the amount of 8197 with 5 years of life.
- The equipment is depreciated for the first year
- Direct Labor is paid for the amount of 407
- Packaging employees are paid for 996.
6. 200 materials were invoiced at 3 each for the inventory
7. 150 materials were used in production
8. The 150 units were sold at $4.00 each and they are invoiced
9. Sales and distribution expenses for $1000 were paid
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