Nova Chemicals Corp. incurred the following manufacturing costs for the year 2016: Instructions Calculate the following: (a)
Question:
Instructions
Calculate the following:
(a) For 2016, what was the cost of raw materials purchased?
(b) For 2016, what was the cost of goods manufactured?
(c) For 2016, what was the cost of goods sold?
Transcribed Image Text:
Raw materials used in production 28,000 Inventories: Total manufacturing cost added Factory overhead 160,00 66,000 Raw materials, January 1 Raw materials, December 31 Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 $ 9,600 10,400 14,600 13,000 9,600 9,200 Selling and administration expenses 43,000
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a Raw materials inventory beginning 9600 Raw material purchased 1 28800 Ra...View the full answer
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Related Book For
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118856994
4th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
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