Prepare Statements for a Manufacturing Company The following balances are from the accounts of Secol…


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Prepare Statements for a Manufacturing Company The following balances are from the accounts of Secol Machining Company: January 1 (Beginning) December 31 (Ending) Direct materials inventory $48,000 $59,000 Work-in-process inventory 58,000 56,000 Finished goods inventory 43,800 45,000 Direct materials purchased during the year amount to $299,000, and the cost of goods sold for the year was $1,086,200. Required Reconstruct a cost of goods sold statement and fill in the following missing data: a. Cost of direct materials used during the year. b. Cost of goods manufactured during the year. c. Total manufacturing costs incurred during the year.

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