What is cost of goods sold for the year, Accounting Basics

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What is cost of goods sold for the year

Carly Manufacturing Company's accounting records reflect the following inventories:
Dec. 31, 2008 Dec. 31, 2007
Raw materials inventory $369,000 $254,000
Work in process inventory 297,500 189,500
Finished goods inventory 185,000 147,500
During 2008, $469,000 of raw materials were purchased, direct labor costs amounted to $575,000, and manufacturing overhead incurred was $455,000.

If Carly Manufacturing Company's cost of goods manufactured for 2008 amounted to $1,350,000, what is its cost of goods sold for the year ?

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Accounting Basics: What is cost of goods sold for the year

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Accounting Basics: What is cost of goods sold for the year

Reference No:- TGS067994

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Recent Questions Asked Accounting Basics

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Accounting Basics: What is cost of goods sold for the year

Reference No:- TGS067994

Recent Questions Asked Accounting Basics

Q : Cross elasticity of demand between two brands of widgets

Q : How strength of economy as whole affect marginal benefits

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Q : What is cost of goods sold for the year

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Q : What are the required sales if company desires net income

Q : Is better to live in society-income is distributed equally

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