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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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Posts: 4891
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7 years ago
At the beginning of the year, Berkshire Manufacturing had the following account balances:

   Work-in-Process Inventory
2,000   



   Finished Goods Inventory
8,000   



   Manufacturing Overhead
0   



   Cost of Goods Sold
0   



   Sales Revenue
   0



The following additional details are provided for the year:

Direct materials placed in production   $80,000
Direct labor incurred   192,000
Manufacturing overhead incurred   301,000
Manufacturing overhead allocated to production   294,000
Cost of jobs completed and transferred   502,000
Total revenue   752,000
Cost of goods sold   448,000

Calculate the gross profit Berkshire will report for the year.
A) $297,000
B) $455,000
C) $250,000
D) $304,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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#1
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7 years ago
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H3Ko Author
wrote...
#2
7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
wrote...
#3
7 years ago
Happy to help Smiling Face with Open Mouth
wrote...
#4
4 years ago
thank you
wrote...
#5
3 years ago
Yuh
wrote...
#6
3 years ago
Thank you
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