Gollerowski Company Has Determined the Following Information for the Year

question 64

Essay

Gollerowski Company has determined the following information for the year ended December 31,2015:
\begin{array}{ll}\text { Direct labor used } & \$ 16,840 \\\text { Direct material used } & \$ 26,300 \\\text { General and administrative expenses } & \$ 14,240 \\\text { Indirect production costs } & \$ 56,780 \\\text { Selling expenses } & \$ 13,599\\ \text {Work-In-Process Inventory, Janua1y 1, 2015 }&0 \\ \text {Work-In-Process Inventory, December 31, 2015 }&0 \\ \text {Finished Goods Inventory, January 1, 2015 }&0 \\ \text { Finished Goods Inventory, December 31, 2015}&? \\ \text {Cost of Goods Sold }&\$80,000 \\end{array}
Requirements:
A) What is the Cost of Goods Manufactured for the year ended December 31, 2015?
B) What is Finished Goods Inventory at December 31, 2015?

• A) What is the Cost of Goods Manufactured for the year ended December 31, 2015?
• B) What is Finished Goods Inventory at December 31, 2015?

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Definitions:

Preliminary

Initial or preparatory, serving as a precursor to further action or investigation.

Rapport

A relationship characterized by mutual understanding, trust, and empathy, often seen as foundational in therapeutic and professional contexts.

Nonverbal Communication

The exchange of information through non-linguistic means, such as facial expressions, gestures, and posture.

Bimodal

Pertaining to or having two modes, often used in statistics to describe distributions with two different peaks or in communications to refer to systems that use two distinct methods of operation.