balances: WIP Inventory FG Inventory 8,000 2,000 During the year, the following transactions took place: Direct materials placed in production: Direct labor incurred: Manufacturing overhead incurred Manufacturing overhead allocated to production: Cost of Jobs Completed Cost of Jobs Sold Selling Price of Jobs Sold $80,000 S190,000 $300,000 $295,000 $500,000 $440,000 $750,000 After recording all these transactions, the adjusted Cost of Goods Sold account is a:

balances: WIP Inventory FG Inventory 8,000 2,000 During the year, the following transactions took place: Direct materials placed in production: Direct labor incurred: Manufacturing overhead incurred Manufacturing overhead allocated to production: Cost of Jobs Completed Cost of Jobs Sold Selling Price of Jobs Sold $80,000 S190,000 $300,000 $295,000 $500,000 $440,000 $750,000 After recording all these transactions, the adjusted Cost of Goods Sold account is a:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Gross profit at the end of the year (before adjustment) a. 610,800b. 538,000c. 110,000d. 458,000
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Birect materials inventory at Beginning $9,000 Direct materials inventory at ending Work in process inventory at beginning $17,000 Work in process inventory at ending Finished goods inyentory at beginning Finished goods inventory at ending Total material purchased Depreciation for production $7,000 $31,000 $10,000 $15,000 50000 10000 direct labor costs 8000 5000 rent expense : The cost of goods manufactured for the year was
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