Wears Corporation Uses a Job-Order Costing System and Has Provided

question 211

Essay

Wears Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year.
The Cost of Goods Manufactured for the year was $537,000.
Required:
What was the Cost of Goods Sold for the year?

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Definitions:

Debit Balances

An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet.

Credit Balances

The total amount of money in accounts that represent a liability or income to a company, opposite of debit balances.

Statement of Cash Flows

A financial statement that provides aggregate data regarding all cash inflows and outflows a company receives from its ongoing operations, investment activities, and financing activities.

Operating Activities

Activities that are directly related to the primary business operations, such as selling goods and services.