Homework Answers
| Dolan Company | ||
| Cost of Goods Manufactured | ||
| For Year Ended December 31, 2020 | ||
| Direct Materials: | ||
| Raw Materials Inventory, Jan. 1, 2020 | 254,200 | |
| Add: Raw Materials Purchases | 785,000 | |
| Total Raw Materials available for use | 1,039,200 | |
| Less: Raw Materials Inventory, Dec. 31, 2020 | 328,000 | |
| Direct Material Used | 711,200 | |
| Direct Labor | 553,000 | |
| Manufacturing Overhead | 666,000 | |
| Total Manufacturing Costs | 1,930,200 | |
| Add: Work in Process, Jan. 1, 2020 | 171,000 | |
| Total Costs of Work in Process | 2,101,200 | |
| Less: Work in Process, Dec. 31, 2020 | 292,600 | |
| Cost of Goods Manufactured | 1,808,600 | |
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Dolan Company's accounting records reflect the following nventories: Dec. 31, 2020 Jan. 1, 2020 Raw materials...
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Question 8 Concord Corporation's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020...
Question 8 Concord Corporation's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $ 80000 $ 64000 Work in process inventory 104000 116000 Finished goods inventory 100000 92000 During 2020, Concord purchased $1490000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000. Assume Concord's cost of goods manufactured for 2020 amounted to $1904000. How much would it report as cost of goods sold for the year? O $1896000...
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