1. The following information was taken from Kay Company's accounting records for the year ended December 31, 2018: Increase in raw materials inventory ✔ Decrease in finished goods inventory Raw materials purchased Direct manufacturing labor payroll Factory overhead Freight-out There was no work in process inventory at the beginning or end of the year. Required: Kay Company's cost of good sold in 2018. $ 15,000 35,000 430,000 200,000 300,000 45,000

1. The following information was taken from Kay Company's accounting records for the year ended December 31, 2018: Increase in raw materials inventory ✔ Decrease in finished goods inventory Raw materials purchased Direct manufacturing labor payroll Factory overhead Freight-out There was no work in process inventory at the beginning or end of the year. Required: Kay Company's cost of good sold in 2018. $ 15,000 35,000 430,000 200,000 300,000 45,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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