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information for the year ended December 31, 2010:Direct labor $16,840Direct material used 16,300General and administrative expenses 14,240Indirect production costs 16,780Selling expenses 13,599Work in process inventory, January 1, 2010 0Work in process inventory, December 31, 2010 0 Finished goods inventory, January 1, 2010 0Finished goods inventory, December 31, 2010 ?Cost of goods sold 42,720Requirements:A) What is the Cost of Goods Manufactured for the year ended December 31, 2010?B) What is Finished Goods Inventory at December 31, 2010?
Standard costing System has the following main advantages or benefits: 1. The process in itself often discloses inefficiencies, because the setting of standards requires a thoro
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