Truman company started the accounting period with the, Ask an Expert

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Truman Company started the accounting period with the following beginning balances:Raw materials, $32,000; Work in process, $80,000; Finished goods, $10,000.During the accounting period, the company purchased $50,000 of raw materials and ended the period with $6,000 in raw material inventory. Direct labor costs for the period were $110,000 and $26,000 of manufacturing overhead costs was allocated to work in process. There was no over or underapplied overhead. Ending work in process was $72,000 and ending finished goods inventory was $25,000. Goods were sold during the period for $340,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
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