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Question - Parmitan Corporation has provided the following data concerning last month's manufacturing operations.
Purchases of direct materials $66,000
Direct labor $95,000
Manufacturing overhead $42,000
Beginning Ending
Inventories:
Direct materials $30,000 $16,000
Work in process $50,000 $25,000
Finished goods $120,000 $90,000
Required -
1. Calculate the cost of goods manufactured for the month.
2. Calculate the cost of goods sold for the month.
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