During the month of May, Russnak Corporation, a manufacturing company, purchased raw materials costing $73,000. The cost of goods manufactured for the month was $102,000. The beginning balance in the raw materials account was $26,000 and the ending balance was $39,000. The beginning balance in the finished goods account was $42,000 and the ending balance was $46,000. Required: a. What was the cost of raw materials used in production during May? Show your work. b. What was the cost of goods sold for May? Show your work.

During the month of May, Russnak Corporation, a manufacturing company, purchased raw materials costing $73,000. The cost of goods manufactured for the month was $102,000. The beginning balance in the raw materials account was $26,000 and the ending balance was $39,000. The beginning balance in the finished goods account was $42,000 and the ending balance was $46,000. Required: a. What was the cost of raw materials used in production during May? Show your work. b. What was the cost of goods sold for May? Show your work.

Name: PROBLEM 6During the month of May, Russnak Corporation, a manufacturin
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Description: PROBLEM 6During the month of May, Russnak Corporation, a manufacturing company, purchased rawmaterials costing $73,000. The cost of goods manufactured for the month was $102,000.The beginning balance in the raw materials account was $26,000 and the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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