The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year are as follows: January 1 finished goods, $765,000; December 31 finished goods, $540,000; and cost of goods sold for the year, $2,560,000.
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Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,800,000 shares issued; Additional Paid-in Capital, $16.20 million; Retained Earnings, $9.20 million; and Treasury Stock, 42,000 shares, $0.924 million.
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