Reference no: EM132758129
Problem - Manufacturing Financial Statements - The following information is available for January for MLB Mitt Company, a baseball glove manufacturer:
Cost of direct materials used in production $25,000
Direct labor 35,000
Factory overhead 20,000
Work in process inventory, January 1 30,000
Work in process inventory, January 31 25,000
Finished goods inventory, January 1 15,000
Finished goods inventory, January 31 12,000
Required - For January, determine (a) the cost of goods manufactured and (b) the cost of goods sold.
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