Problem - The following information is available for Aikman Company.
|
January 1, 2017
|
2017
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December 31, 2017
|
|
Raw materials inventory
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$22,040
|
|
$35,020
|
|
Work in process inventory
|
13,820
|
|
20,680
|
|
Finished goods inventory
|
29,710
|
|
24,900
|
|
Materials purchased
|
|
$153,510
|
|
|
Direct labor
|
|
224,300
|
|
|
Manufacturing overhead
|
|
185,440
|
|
|
Sales revenue
|
|
904,590
|
|
Compute cost of goods manufactured.
Prepare an income statement through gross profit.
Show the presentation of the ending inventories on the December 31, 2017, balance sheet.