Everglades Marine Company
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The Everglades Marine Company has the followng inventory balances at the beginning of January:
Raw Materials Inventory: $71,568
Work-in-Process Inventory: $109,788
Finished Goods Inventory: $92,757
During January, the Everglades Marine Company incurred $106,806 in overhead costs and $193,200 in direct labor costs. Materials costing $51,891 were entered into production, and materials costing $65,541 were purchased. At the end of the month, the following inventory balances remained:
Raw Materials Inventory: $85,218
Work-in-Process Inventory: $17,640
Finished Goods Inventory: $10,017
What was the Everglades Marine Company's Cost of Goods Sold for January?
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Solution Summary
This solution shows how to calculate the Cost of Goods Sold (COGS) for the Everglades Marine Company in the month of January, given its raw materials inventory, work-in-progress inventory, finished goods inventory (all for both the beginning and end of January), overhead costs, direct labour costs, the cost of materials purchased in January and the cost of materials put into production. The solution shows how to put the given information in an Excel spreadsheet to calculate the solution.
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