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The following information is available for Aikman Company.
1-Jan-12
2012
31-Dec-12
Raw materials inventory
$21,000
$30,000
Work in process inventory
13,500
17,200
Finished goods inventory
27,000
21,000
Materials purchased
$150,000
Direct labor
220,000
Manufacturing overhead
180,000
Sales
910,000
Instructions
(a) Compute cost of goods manufactured.
(b) Prepare an income statement through gross profit.
(c) Show the presentation of the ending inventories on the December 31, 2012, balance sheet.
(d) How would the income statement and balance sheet of a merchandising company be different from Aikman"s financial statements?
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