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Question - A manufacturing company has a beginning finished goods inventory of $15,600, raw material purchases of $19,000, cost of goods manufactured of $34,500, and an ending finished goods inventory of $18,800. The cost of goods sold for this company is:
$34,500.
$50,100.
$31,300.
$29,600.
$22,200.
Tran Incorporated had salaries of $15,000 for factory managers. How much would the balance of the Factory Labor account change between October 1 and October 31?
It is the controller's belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
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