The following data (in thousands of dollars) have been taken from the accounting records of Karstone Corporation for the just completed year.   Sales: $880 Raw materials inventory, beginning: $20 Raw materials inventory, ending: $30 Purchases of raw materials: $160  Direct labor: $180 Manufacturing overhead: $230  Administrative expenses: $100 selling expenses: $130 work in process inventory, beginning: $80 work in process inventory, ending: $30 Finished goods in inventory, beginning: $120 Finished goods in inventory, ending: $100 The cost of goods sold for the year (in thousands of dollars) was: $620 $580 $720 $630 Show work and calculation

the following data (in thousands of dollars) have been taken from the accounting records of Karstone Corporatino for the just completed year. Sales $880 Raw materials in inventory, beginning: $20 Raw materials inventory, ending: $30 Purchases of raw materials: $160 Direct labor: $180 Manufacturing overhead: $230 Administrative expenses $100 Selling expenses: $130  Work in process inventory, beginning: $80 Work in process inventory, ending: $30 Finished goods in inventory, beginning: $120 Finished goods in inventory, ending: $100 The cost of goods manufactured (finished) for the year (in thousands of dollars) was:  $610 $600 $500 $630 Show work/calculation

During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Ending $17,433 $16,428 Raw materials inventory Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production Cost of goods manufactured Cost of goods sold Beginning $

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):   Selling expenses $ 217,000 Purchases of raw materials $ 265,000 Direct labor ? Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 371,000 Actual manufacturing overhead cost $ 352,000   Inventory balances at the beginning and end of the year were as follows:     Beginning Ending Raw materials $ 50,000 $ 35,000 Work in process ? $ 28,000 Finished goods $ 32,000 ?   The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $32,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.   Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…