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An entity had the following opening and closing inventory balances during the current year: 1/1 12/31 Finished goods US $ 90,000 US $260,000 Direct materials 105,000 130,000 Work-in-progress 220,000 175,000 The following transactions and events occurred during the current year: US $300,000 of direct materials were purchased. US $600,000 of direct labor costs were incurred. US $750,000 of production overhead costs were incurred. The cost of goods sold for the current year ended December 31 would be:
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An entity had the following opening and closing inventory balances during the current year: 1/1 12/3...
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