Answered step by step
Verified Expert Solution
Question
1 Approved Answer
XYZ Manufacturing had the following data for the period just ended: Work in process, Jan 1 $22,000 Work in process, Dec. 31 39,000 Finished goods,
XYZ Manufacturing had the following data for the period just ended:
Work in process, Jan 1 $22,000
Work in process, Dec. 31 39,000
Finished goods, Jan. 1 72,000
Finished goods, Dec 31 62,000
Direct materials used 124,000
Direct labor 250,000
Factory depreciation 79,000
Sales 940,00
Advertising 50,000
Factory utilities 25,000
Indirect materials 20,000
Indirect labor 36,000
Required: A. Calculate XYZ cost of goods sold. B. Calculate XYZ cost of goods manufactured.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started