Use the following to answer questions
The following information,based on the 12/31/16 Annual Report to Shareholders of Krafty Foods ($ in millions):
-Based on the information presented above,prepare the 12/31/16 Balance Sheet for Krafty Foods.
Definitions:
Conversion Cost
The total cost of converting raw materials into finished goods, including labor and manufacturing overhead expenses.
Manufacturing Overhead
The collective expenses not directly tied to the production of a specific product, including costs like factory rent or utilities.
Direct Materials Cost
The cost of raw materials directly used in the production of goods or services.
Product Costs
Costs that are incurred to acquire or manufacture a product and include direct materials, direct labor, and manufacturing overhead.
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