Use the Information Below for the Year Ended December 31,20xx,to

question 41

Essay

Use the information below for the year ended December 31,20xx,to prepare the statement of cost of goods manufactured.
$\begin{array}{|lrr|}\hline \text { Inventories } & \text { Beginning } & \text { Ending } \\\text { Materials inventory } & \$ 41,000 & \$ 51,000 \\\text { Work in process inventory } & 62,000 & 78,000 \\\text { Direct materials purchased } & & 258,000 \\\text { Total direct labor costs } & & 372,000 \\\text { Total indirect labor costs } && 67,000 \\\text { Utilities } & & 41,000 \\\text { Depreciation } & & 54,000 \\\text { Small tools } && 5,000 \\\text { Factory insurance } && 3,000 \\\text { Factory supervision } && 66,000 \\\text { Miscellaneous overhead costs } && 11,000\\\hline\end{array}$

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Definitions:

Laggards

In the context of marketing and innovation, individuals who are the last to adopt new products or technologies, often resistant to change.

Late Majority

A group in the diffusion of innovation theory, representing consumers who adopt new products or technologies after the average member of society, often motivated by a desire to maintain the status quo.

Late Adopters

Individuals or groups who are among the last to use or accept new products, technologies, or ideas, often due to skepticism or resistance to change.

Favourable Attitudes

Refers to positive predispositions or feelings towards people, objects, or concepts.