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Understanding the Relationship between Cost Flows, Inventories, and cost of Goods Sold Ivano Company has...

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Accounting

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Understanding the Relationship between Cost Flows, Inventories, and cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2. Required: Calculate the values of the missing items. Year 1 Year 2 Item: Direct materials used in production $50,000 Direct materials: Beginning inventory $10,000 Direct materials purchases 45,000 Direct materials: Ending inventory 15,000 17,000 Direct labor used in production 53,000 Manufacturing overhead costs used in production 80,000 76,000 Work in process: Beginning inventory 17,000 14,000 Work in process: Ending inventory 14,000 19,000 Finished goods: Beginning inventory 8,000 7,000 Finished goods: Ending inventory 7,000 11,000 Cost of goods sold 169,000

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