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Problem E1-7 - E1-7 An incomplete cost of goods...

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E1-7 An incomplete cost of goods manufactured schedule is presented below. MADLOCK MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2005 Work in process (1/1) $210,000 Direct materials Raw materials inventory (1/1) $ 39,500 Add: Raw materials purchases 158,000 Total raw materials available for use 197,500 Less: Raw materials inventory (12/31) 7,500 Direct materials used $190,000
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