The following balances are from the accounts of Crabtree Machining Company: ...
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Accounting
The following balances are from the accounts of Crabtree Machining Company:
| January 1 (Beginning) | December 31 (Ending) | |||||
| Direct materials inventory | $ | 98,900 | $ | 108,400 | ||
| Work-in-process inventory | 109,800 | 104,500 | ||||
| Finished goods inventory | 45,200 | 45,400 | ||||
Direct materials purchased during the year amount to $514,100, and the cost of goods sold for the year was $1,885,000.
Required:
Prepare a cost of goods sold statement.
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