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    jddanganan Posts: 1, Reputation: 1
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    Jul 11, 2012, 06:49 AM
    Cost accounting-cost of goods sold
    Please. Help me, I can't find the answer :(

    Compute the unknown in each of the ff.:

    COST OF GOOD SOLD - ?
    RAW MATERIALS USED - 60,000
    LABOR COST - 40,000
    FACTORY OVERHEAD - 30,000
    WORK IN PROCESS INVENTORY INCREASED BY 20,000
    FINISHED GOODS INVENTORY DECREASED BY 8,000

    USE THIS FORMULA:

    Raw Materials Inventory, Beginning
    Add: Net Cost of Materials Purchased
    Total Materials Available for Use
    Less: Raw Materials Inventory, End
    Raw Material Used
    Direct Labor
    Manufacturing Overhead (detailed)
    Total Manufacturing Costs
    Add:Work in Process Inventory, Beginning
    Total Cost of Goods Placed in Process
    Less: Work in Process Inventory, End
    Cost of Goods Manufactured

    From this, cost of goods sold in the income statement will appear thus:

    Finished Goods Inventory Beginning
    Add: Cost of Goods Manufactured
    Total Goods Available for Sale
    Less: Finished Goods Inventory, End
    COST OF GOOD SOLD

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