The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year. Sales $990 Raw materials inventory, beginning $ 40 Raw materials inventory, ending $ 70 Purchases of raw materials $120 Direct labor $200 Manufacturing overhead $230 Administrative expenses $150 Selling expenses $140 Work in process inventory, beginning $ 70 Work in process inventory, ending $ 50 Finished goods inventory, beginning $120 Finished goods inventory, ending $160 The cost of goods manufactured (finished) for the year (in thousands of dollars) was: $540 $500 $570 $590
The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year. Sales $990 Raw materials inventory, beginning $ 40 Raw materials inventory, ending $ 70 Purchases of raw materials $120 Direct labor $200 Manufacturing overhead $230 Administrative expenses $150 Selling expenses $140 Work in process inventory, beginning $ 70 Work in process inventory, ending $ 50 Finished goods inventory, beginning $120 Finished goods inventory, ending $160 The cost of goods manufactured (finished) for the year (in thousands of dollars) was: $540 $500 $570 $590
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 1E: Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs...
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The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year.
Sales | $990 |
Raw materials inventory, beginning | $ 40 |
Raw materials inventory, ending | $ 70 |
Purchases of raw materials | $120 |
Direct labor | $200 |
Manufacturing overhead | $230 |
Administrative expenses | $150 |
Selling expenses | $140 |
Work in process inventory, beginning | $ 70 |
Work in process inventory, ending | $ 50 |
Finished goods inventory, beginning | $120 |
Finished goods inventory, ending | $160 |
The cost of goods manufactured (finished) for the year (in thousands of dollars) was:
$540
$500
$570
$590
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