1. ABC Company had the following data: Cost of materials used $87,000 Direct labor costs 25,000 Factory overhead 13,500 Work in process inventory, beginning 47,000 Work in process inventory, ending 48,700 Determine the cost of goods manufactured.

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Chapter1: Financial Statements And Business Decisions
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1. ABC Company had the following data:
Cost of materials used $87,000
Direct labor costs 25,000
Factory overhead 13,500
Work in process inventory, beginning
47,000
Work in process inventory, ending 48,700
Determine the cost of goods
manufactured.
Transcribed Image Text:1. ABC Company had the following data: Cost of materials used $87,000 Direct labor costs 25,000 Factory overhead 13,500 Work in process inventory, beginning 47,000 Work in process inventory, ending 48,700 Determine the cost of goods manufactured.
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