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Question - White Manufacturing transferred $4,500,000 of raw materials into production during the most recent year. Direct labor and factory overhead for the period totaled $3,000,000. Beginning work in process was$1,000,000 and ending work in process was $1,300,000. Finished goods inventory decreased by $75,000. If gross profit was $2,400,000, how much were sales for the period?
The financial statements of Lioi Steel Fabricators are shown below, with the actual results for 2006 and the projections for 2007.
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