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Compute cost of goods manufactured

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Reference no: EM13521250

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?

Reference no: EM13521250

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