Nova Chemicals Corp. incurred the following manufacturing costs for the year 2012:

Instructions
Calculate the following:
(a) For 2012, what was the cost of raw materials purchased?
(b) For 2012, what was the cost of goods manufactured?
(c) For 2012, what was the cost of goods sold?

Transcribed Image Text:

Raw materials used in production$28,000 Total manufacturing cost added Factory overhead Selling and administration expenses 43,000 Inventories: 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 31 160,000 66,000 9,600 10,400 14,600 13,000 9,600 9,200