Problem 4-13 (IAA)Condo Company reported the following total debits and totalcredits in selected accounts after closing entries were posted:DebitsCreditsMaterialsGoods in processMaterial purchasesPurchase discountTransportation inDirect laborManufacturing overheadFinished goods600,000500,0002,500,000100,000200,0003,000,0001,500,000700,000200,000300,0002,500,000100,000200,0003,000,0001,500,000400,0001. What amount should be reported as cost of goodsmanufactured?a. 6,900,000b. 7,200,000c. 7,000,000d. 7,400,0002. What amount should be reported as cost of goods sold?a. 6,900,000b. 7,400,000c. 7,100,000d. 7,000,000140

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1. What amount should be reported as cost of goods manufactured? a. 6,900,000 b. 7,200,000 c. 7,000,000 d. 7,400,000 2. What amount should be reported as cost of goods sold? a. 6,900,000 b. 7,400,000 c. 7,100,000 d. 7,000,000

1. What amount should be reported as cost of goods manufactured? a. 6,900,000 b. 7,200,000 c. 7,000,000 d. 7,400,000 2. What amount should be reported as cost of goods sold? a. 6,900,000 b. 7,400,000 c. 7,100,000 d. 7,000,000

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter5: Accounting For Retailing Businesses

Section: Chapter Questions

Problem 5.31EX: Closing entries; net income Based on the data presented in Exercise 5-27, journalize the closing...

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Problem 4-13 (IAA)
Condo Company reported the following total debits and total
credits in selected accounts after closing entries were posted:
Debits
Credits
Materials
Goods in process
Material purchases
Purchase discount
Transportation in
Direct labor
Manufacturing overhead
Finished goods
600,000
500,000
2,500,000
100,000
200,000
3,000,000
1,500,000
700,000
200,000
300,000
2,500,000
100,000
200,000
3,000,000
1,500,000
400,000
1. What amount should be reported as cost of goods
manufactured?
a. 6,900,000
b. 7,200,000
c. 7,000,000
d. 7,400,000
2. What amount should be reported as cost of goods sold?
a. 6,900,000
b. 7,400,000
c. 7,100,000
d. 7,000,000
140

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