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How do make cost of goods sold section of income statement

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Reference no: EM132642279

The records of SURLY BAD TEMPERED Co. showed the following information:

Decrease in accounts payable 60,000

Disbursements for purchases 440,000

Increase in raw materials 100,000

Direct labor is 50% of raw materials used in production

Manufacturing overhead is 20% of prime costs

Increase in work-in-process inventory 40,000

Decrease in finished goods inventory 50,000

Problem 1: Prepare the cost of goods sold section of the income statement?

Reference no: EM132642279

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