A manufacturing company reports the following for the period: Inventories Beginning...
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Accounting
A manufacturing company reports the following for the period:
| Inventories | Beginning | Ending |
|---|---|---|
| Raw materials | $ 18,620 | $ 12,600 |
| Work in process | 10,000 | 11,800 |
| Finished goods | 13,060 | 9,230 |
| Activities for the period | |
| Raw materials purchases | $ 8,700 |
|---|---|
| Direct materials used | 14,720 |
| Direct labor used | 9,800 |
| Overhead applied | 11,640 |
| Sales | 42,400 |
1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit.
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