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Lesson 1: Course Orientation and Defining Managerial Accounting
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Calculating COGS
Self-Check Activity
Use the following business information to practice calculating the cost of goods sold. Enter the necessary numbers in the boxes below, then click the "Show Answer" button after each step to ensure that your calculations are correct.
Self-Check Business Information
Beginning Direct Materials Inventory | $ 650,000 |
Ending Direct Materials Inventory | $ 480,000 |
Direct Materials Purchases | $ 870,000 |
Beginning Work in Process Inventory | $ 150,000 |
Ending Work in Process Inventory | $ 250,000 |
Direct Labor | $ 400,000 |
Factory Overhead | $ 200,000 |
Beginning Finished Goods Inventory | $ 500,000 |
Ending Finished Goods Inventory | $ 450,000 |
HINT: Hover your mouse pointer over a step number below to view the step's formula if you need it.
STEP 1: Determine the Cost of Materials Placed into Production
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STEP 2: Determine the Cost of Goods Manufactured
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