FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Nn. 104.

A company manufactures small planes. One of these planes was started on April 15, completed on May 15,
and sold on June 15. Where would the cost of this plane appear on the April, May, and June financial
statements, respectively? (assume that the financial statements are prepared at the end of each month)
a) work-in-process, finished goods, cost of goods sold
b) work-in-process, cost of goods sold, gross margin
c) direct materials, work-in-process, finished goods
d) work-in-process, work-in-process, cost of goods sold
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Transcribed Image Text:A company manufactures small planes. One of these planes was started on April 15, completed on May 15, and sold on June 15. Where would the cost of this plane appear on the April, May, and June financial statements, respectively? (assume that the financial statements are prepared at the end of each month) a) work-in-process, finished goods, cost of goods sold b) work-in-process, cost of goods sold, gross margin c) direct materials, work-in-process, finished goods d) work-in-process, work-in-process, cost of goods sold
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