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The balance in the perpetual inventory accounts of Addition Manufacturing Corporation at the beginning and end the current year are as follows:
Inventory Accounts: End of YearBeginning of Year
Finished Goods Inventory$325,000$238,000
The total dollar amount debited and credited during year to the accounts used in recording manufacturing activities are as follows:
Accounts:Debit EntriesCredit Entries
Material Inv. $2,410,000?
Finished Goods Inventory??
Calculate the following:
(Direct materials purchased)/(Direct Materials used)/(Payments of direct labor payrolls)/(Direct Cost assigned to production)/(Total manufacturing cost charged to WIP account during year)/(The cost of finished goods man.)/(Cost of goods sold)(total amount to be classified as inventory in yearend balance sheet)
*Part 2: Prepare a schedule of Finished goods Manufactured*
*Show All Work*