I have to compute cost of products transferred from production to finished goods good

I am taking my first class in Accounting and I am having difficulties with my homework. I have the following problem, that I have done in several ways and I always get an answer that is greater that the correct one. These are the figures (in thousands of dollars): Direct Labor Cost: $10,500...

Data from Smallwood Company for the year ended December 31 follows: Sales $800,000 Cost of goods Manufactured $550,000 Finished Goods, Dec 31 $100,000 Gross Profit $300,000 What hat is the beginning balance of...

The cost of production of completed and finished goods during the period amounted to $400,000, and the finished products shipped to customers had total production costs of $337,000. From the following, select the entry to record the transfer of costs from finished goods to cost of goods sold. I...