90.2K

Verified Solution

Link Copied!

Exercise 14-14 a-c The following information is available for Aikman Company January 1, 2020 2020 Raw materials inventory $26,010 Work in process inventory 18,560 Finished goods inventory 28,900 Materials purchased $155,770 Direct labor 224,700 Manufacturing overhead 182,460 Sales revenue 905,040 December 31, 2020 $34,130 19,620 24,050 Your answer is partially correct. Try again. Compute cost of goods manufactured. Alkman Company Cost of Goods Manufactured Schedule 18560 work-in -Process Inventory, 1/2 "Direct Materials Raw Materials Inventory, 1/1 Materials Purchased Materials Available for use Less Raw Materials inventory, 12/31 "Direct Materials Used Direct Labor 100 Manufacturing Overhead Total Manufacturing Costs Total Cost of Work-in-Process Inventory indi Les 7. Work-in-Process Inventory, 12/31 Cost of Goods Manufactured ALICMAN COMPANY Income Statement (Partial) For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Finished Goods Inventory, 1/1 Cost of Goods Manufactured Cost of Goods Available for Sale Less Finished Goods Inventory, 12/31 Cost of Goods Sold Gross Profit LINK TO TEXT Your answer is partially correct. Try again. Show the presentation of the ending inventories on the December 31, 2020, balance sheet. AIKMAN COMPANY (Partial) Balance Sheet December 31, 2020 Current Assets Inventories Trinished Goods Work in Process Raw Materials

Answer & Explanation Solved by verified expert

See Answer