Navajo Company is a manufacturing firm. Presented below is selected information from its 2008 accounting records. Instructions
Question:
Instructions
(a) Compute raw materials used.
(b) Compute the cost of goods manufactured.
(c) Compute cost of goods sold.
(d) Indicate how inventories would be reported in the December 31, 2008, balancesheet.
Transcribed Image Text:
$30,800 Transportation-out Raw materials inventory, 1/1/08 Raw materials inventory, 12/31/08 Work in process inventory, 1/1/08 Work in process inventory, 12/31/08 Finished goods inventory, 1/1/08 Finished goods inventory, 12/31/08 Purchases Transportation-in 37,400 72,600 61,600 35,200 22,000 Selling expenses Administrative expenses Purchase discounts Purchase returns and allowances Interest expense $ 8,000 300,000 180,000 10,640 6,460 15,000 440,000 330,000 278,600 Direct labor 6,600 Manufacturing overhead
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a Raw materials inventory 1108 30800 Add cost of materials purchased Purchases 278600 Transportation...View the full answer
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Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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