View the step-by-step solution to:

I have the following problem, that I have done in several ways and I always get an answer that is greater that the correct one. These are the figures...

I have the following problem, that I have done in several ways and I always get an answer that is greater that the correct one. These are the figures (in thousands of dollars):
Direct Labor Cost: $10,500
Purchase of Materials: 15,000
Supplies used: 675
Factory Insurance: 350
Advertising: 800
Material Handling: 3,745
Work-in-process inventory, 12/31/2003: 12,500
Work-in-process inventory, 12/31/2004: 14,250
Material Inventory, 12/31/2003: 3,475
Material Inventory, 12/31/2004: 9,500
Finished goods inventory, 12/31/2003: 6,685
Finished goods inventory, 12/31/2004: 4,250

1. Prepare a statement of cost of goods manufactured. (Correct answer is 24720, my answer is 29780)
2. Prepare a statement of cost of goods sold. (Correct answer is 27155, my answer

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question