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Given: The following inventory readings (all in K$) for ACME Corp.: Direct Material (31.12.2018 =...

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Given: The following inventory readings (all in K$) for ACME Corp.: Direct Material (31.12.2018 = 150 ; Work in Progress / 31.12.2018 = 130; Direct Material /31.12.2019 = 250; Work in Progress /31.12.2019 = 230; Finished Goods / 31.12.2018 = 200; Finished Goods 131.12.2019 = 300 Required: If the sales revenue is recorded as 2500 K$, and production costs are recorded as 1000 K$ in the Income Statement for PHEW Corp. for the fiscal year 2019; calculate the cost of goods produced in 2019

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