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Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher
Edition 2ISBN: 978-0077274993Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher
Edition 2ISBN: 978-0077274993 Exercise 21
Find the Unknown Information
After a computer failure, you are trying to reconstruct some financial results for the year just ended. While you know that backups are available, it will take too long to get the information you want. You have been able to collect the following information:
Required
Find the following:
a. Finished goods inventory, January 1.
b. Direct materials used for the year.
c. Gross margin percentage (as a percentage of sales).
After a computer failure, you are trying to reconstruct some financial results for the year just ended. While you know that backups are available, it will take too long to get the information you want. You have been able to collect the following information:
Required
Find the following:
a. Finished goods inventory, January 1.
b. Direct materials used for the year.
c. Gross margin percentage (as a percentage of sales).
Explanation
Verified
Verified
a.
Calculate finished goods inventory J...
Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher
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