The Following List Indicates Costs as They Flow Through the Business

question 77

Essay

The following list indicates costs as they flow through the business as a product is manufactured.Some items are missing.Compute the missing amounts.
Materials Inventory:
Beginning materials inventory $ 37,500
Raw materials purchased 567,400
Ending materials inventory 31,570
Direct materials used in production ____A____
Goods in process:
Beginning GIP balance 93,250
direct labor _____B___
Factory overhead 742,500 (Note: 2 times the amount of direct labor cost)
Cost of goods manufactured ____C____
Ending GIP balance 87,600
Finished goods inventory:
Beginning FG balance 49,000
Ending FG balance _____D____
Cost of goods sold 1,625,000

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Definitions:

Northern State

A reference to one of the states in the northern part of the United States, often in the context of its opposition to slavery during the Civil War era.

Indentured Servants

Individuals who agreed to work for a specific number of years in exchange for passage to the New World and eventual freedom.

Gradual Emancipation

A legal process implemented in various jurisdictions to end slavery over time, often by stipulating that children born to enslaved mothers would be free after a certain age.

Mid-Atlantic Region

An area of the United States that includes states like New York, New Jersey, and Pennsylvania, known for its significant cultural and economic contribution.