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Cost of Goods Sold Formula | How to Calculate COGS, with Examples

Cost of Goods Sold Formula | How to Calculate COGS, with Examples

Exercise 2-24 Cost of Goods Manufactured and Sold; Missing Data (LO 2-1, 2-3, 2-6)For each case below, find the missing amount.

Exercise 2-24 Cost of Goods Manufactured and Sold; Missing …

Required:A. Prepare the statement of cost of goods manufactured and sold in good form.B. Determine the following:Prime costConversion CostProduct costDrew Manufacturing Company had the following data for the year 2022:Jan 1, 2022 P 80,000 100,000 100,000Dec 31,2022 P 70,000 130,000 180,000 110,000 7,500 2,500 7,000 50,000 15,000 5,000 3,000 12,000 6,000 2,000 3,000Finished goods inventory Work in process inventory Raw materials inventory Raw materials purchases Freight In Purchase discount Indir

Required:A. Prepare the statement of cost of goods manufactured an…

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