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ACCT/386 ACCT386 ACCT 386 Week 2 Homework Question 2

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ACCT 386 Week 2 Homework Question 2 There may be chances that the figures given in our question and your question doesn’t matches. Don’t worry, we are here to help you. Just write to us at studentwhiz@gmail.com and your answer is with you in no time. Question 2 Valenko Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 212,000 Purchases of raw materials $ 263,000 Direct labor ? Administrative expenses $ 150,000 Manufacturing overhead applied to work in process $ 337,000 Total actual manufacturing overhead costs $ 356,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 60,000 $ 36,000 Work in process ? $ 28,000 Finished goods $ 31,000 ? The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $39,000. The company’s overapplied or underapplied overhead is closed entirely to cost of goods sold.

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