Question: Answer the following questions using the information below: Sales Raw materials inventosy beginning Raw materials inventory ending Purchases of raw materials Direct Labour Manufacturing overhead
Answer the following questions using the information below: Sales Raw materials inventosy beginning Raw materials inventory ending Purchases of raw materials Direct Labour Manufacturing overhead Administrative expenses Selling expenses Work in process inventory beginning Work in process inventory ending Finished goods inventory beginning Finished goods inventory, ending 5910 $80 $20 $100 5130 $200 $160 5140 $10 510 $130 $150 Required 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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