Answer the following questions using the information below: Sales $990 Raw materials inventory, beginning $40 Raw materials
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Question:
Answer the following questions using the information below:
Sales | $990 |
Raw materials inventory, beginning | $40 |
Raw materials inventory, ending | $70 |
Purchases of raw materials | $120 |
Direct labour | $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 |
From the above data answer the following questions:
a) What was the cost of the raw materials used in production during the year?
b) What was the cost of goods manufactured (finished) for the year?
c) What was the cost of goods sold for the year?
d) What was the net income for the year?
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