Solution-Determine cost of goods manufactured for the year

Determine cost of goods manufactured for the year

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Reference no: EM133049245

Question - Shoe Company makes loafers. During the most recent? year, Perfect Fit incurred total manufacturing costs of $19,900,000. Of this? amount, $2,400,000 was direct materials used and $12,800,000 was direct labor. Beginning balances for the year were Direct? Materials, $900,000?; ?Work-in-Process Inventory, $1,100,000?; and Finished Goods?Inventory, $600,000. At the end of the? year, balances were Direct? Materials, $700,000?; ?Work-in-Process Inventory, $1,000,000?; and Finished Goods? Inventory, $930,000.

Analyze the inventory accounts to? determine:

1. Determine cost of direct materials purchased during the year.

2. Determine cost of goods manufactured for the year.

3. Determine cost of goods sold for the year.

Reference no: EM133049245

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Determine cost of goods manufactured for the year

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