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TB MC Qu. 3-22 The following information was taken from the accou ... The following information...

TB MC Qu. 3-22 The following information was taken from the accou ...

The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction.

Sales Revenue $ 70,750
Finished Goods Inventory, Beginning 13,250
Finished Goods Inventory, Ending 9,400
Cost of Goods Sold ?
Gross Margin 36,050
Direct Materials Used 12,550
Selling and Administrative Expense ?
Operating Income 17,400
Work-in-Process Inventory, Beginning ?
Work-in-Process Inventory, Ending 7,550
Direct Labor Used 10,275
Factory Overhead 13,700
Total Manufacturing Cost ?
Cost of Goods Manufactured ?

Cost of goods sold is calculated to be:

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Answer #1

Answer:

Cost of Goods Sold = Sales – Gross Margin
Cost of Goods Sold = $70,750 - $36,050
Cost of Goods Sold = $34,700

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