Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold
Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2.
Required:
Calculate the values of the missing items.
Year 1 Year 2
Item:
Direct materials used in production $ $50,000
Direct materials: Beginning inventory $10,000 $
Direct materials purchases 45,000 $
Direct materials: Ending inventory 15,000 17,000
Direct labor used in production $ 53,000
Manufacturing overhead costs used in production 80,000 76,000
Work in process: Beginning inventory 17,000 14,000
Work in process: Ending inventory 14,000 19,000
Finished goods: Beginning inventory 8,000 7,000
Finished goods: Ending inventory 7,000 11,000
Cost of goods sold 169,000 $
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Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold
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