Compute cost of goods manufactured. using a formal schedule of cost of good manufactured then compute cost of goods sold That is all of the picture there isn't more to it. ABC Firm produces a wide range of plastic products. Information for the firm's inventory accounts at thebeginning and end of 2020 follows:AccountDirect materialsWork in processFinished goodsBeg. Balance,$121,500458,900845,300End. Balance$139,700998,400239,500Other information from 2020 for the firm includes:Sales salariesPurchases of direct materialsRentDirect labour$156,300192,40084,300243,50044,70091,5001,548,20034,80054,30012,50018,400Depreciation on corporate jetDepreciation on factory machinesSalesInsurance on corporale jetIndirect labourFire insurance on factory buildingInsurance on finished goods warehouse

Cost of goods manufactured shows the total costs incurred on the production of goods. It includes…

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Compute cost of goods manufactured. using a formal schedule of cost of good manufactured then compute cost of goods sold That is all of the picture there isn't more to it.

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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Question

Compute cost of goods manufactured. using a formal schedule of cost of good manufactured then compute cost of goods sold

That is all of the picture there isn't more to it.

ABC Firm produces a wide range of plastic products. Information for the firm's inventory accounts at the
beginning and end of 2020 follows:
Account
Direct materials
Work in process
Finished goods
Beg. Balance,
$121,500
458,900
845,300
End. Balance
$139,700
998,400
239,500
Other information from 2020 for the firm includes:
Sales salaries
Purchases of direct materials
Rent
Direct labour
$156,300
192,400
84,300
243,500
44,700
91,500
1,548,200
34,800
54,300
12,500
18,400
Depreciation on corporate jet
Depreciation on factory machines
Sales
Insurance on corporale jet
Indirect labour
Fire insurance on factory building
Insurance on finished goods warehouse

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