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I have a ton of questions just like this and if I can do one, I can do them all. Can you please show me how and

not just the answer? Thank you.



Information from the records of the Navaho Industries for the month of July is as follows:

  

    Purchases of direct materials$24,000 Indirect labor 6,500 Direct labor 13,200 Depreciation on factory machinery 3,600 Sales 75,300 Selling and administrative expenses 8,900 Rent on factory building 8,400 

   

Inventories:July 1July 31Direct materials$8,000 $6,700 Work-in-process 1,100  1,600 Finished goods 9,000  6,800 

  

Required:


(a) Prepare a statement of cost of goods manufactured and sold for the month of July.

(b) Prepare a gross margin income statement for the month of July.

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