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Question 7.
Question :
(TCO 2)
Fred Co. incurred costs of $700,000 for direct materials (raw) purchased.
Direct labor was $5,000 and factory overhead was $20,000 for March.
Inventories were as follows:
Raw materials beginning $6,000; raw materials ending $8,000;
Work-in-process beginning $230,000; work-in-process ending $210,000;
Finished goods beginning $16,000; finished goods ending $15,500;
What is the cost of goods manufactured? Please show your work.
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ACCT 346 Week 1 Homework Assignment
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1.
Identify whether each of the items below is a Product Cost or
Period Cost:
2. Identify whether each of the items below is a Direct Cost or Indirect
Cost: 3. Identify whether each of the below is a Fixed Cost or Variable
Cost: 4. Classify each as direct material, direct labor, indirect labor,
indirect labor, other manufacturing overhead or period cost, and then
answer the 5 questions below:
Factory insurance