Prepare a schedule of cost of goods manufactured and sold

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Reference no: EM132812183

Question - Loveland Manufacturing Company was started on January 1, 2018. The company was affected by the following events during its first year of operation: Acquired $2,400 cash from the issue of common stock.

Paid $720 cash for direct raw materials.

Transferred $480 of direct raw materials to work in process.

Paid production employees $720 cash.

Paid $360 cash for manufacturing overhead costs.

Applied $294 of manufacturing overhead costs to work in process.

Completed work on products that cost $1,200.

Sold products that cost $960 for $1,680 cash.

Paid $480 cash for selling and administrative expenses.

Made a $60 cash distribution to the owners.

Closed the Manufacturing Overhead account.

Record these events in a horizontal statements model. The first event is shown as an example.

Prepare a schedule of cost of goods manufactured and sold.

Reference no: EM132812183

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