The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just completed year. Sales..... Raw materials inventory, beginning. Raw materials inventory, ending. Purchases of raw materials. Direct labor....... Manufacturing overhead.. Administrative expenses.... Selling expenses. Work in process inventory, beginning. Work in process inventory, ending.. Finished goods inventory, beginning.. Finished goods inventory, ending.. The cost of the raw materials used in production during the year (in thousands of dollars) was: O $180 $40 $120 $910 $80 $20 $100 $130 $200 $160 $140 $40 $10 $130 $150 $160
The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just completed year. Sales..... Raw materials inventory, beginning. Raw materials inventory, ending. Purchases of raw materials. Direct labor....... Manufacturing overhead.. Administrative expenses.... Selling expenses. Work in process inventory, beginning. Work in process inventory, ending.. Finished goods inventory, beginning.. Finished goods inventory, ending.. The cost of the raw materials used in production during the year (in thousands of dollars) was: O $180 $40 $120 $910 $80 $20 $100 $130 $200 $160 $140 $40 $10 $130 $150 $160
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following data (in thousands of dollars) have been taken from the accounting records of
Karlana Corporation for the just completed year.
Sales.........
Raw materials inventory, beginning
Raw materials inventory, ending.
Purchases of raw materials
Direct labor.............
Manufacturing overhead...........
Administrative expenses.
$180
Selling expenses......
Work in process inventory, beginning.......
Work in process inventory, ending..........
Finished goods inventory, beginning....
Finished goods inventory, ending..
The cost of the raw materials used in production during the year (in thousands of dollars) was:
$40
$120
$910
$80
$20
$100
$130
O $160
$200
$160
$140
$40
$10
$130
$150
Expert Solution
Step 1: Introducing Cost of Goods Manufactured
SCHEDULE OF COST OF GOODS MANUFACTURED
Schedule Of Cost Of Goods Manufactured are those costs which are Directly or Indirectly Associated with the Production of the Goods.
Direct Cost & Indirect Cost Both are Included in Cost of Goods Manufactured.
Direct Cost Includes Direct Materials & Direct Labour. Manufacturing Overhead Includes all Indirect Cost & Factory Overhead Cost.
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