A manufacturing company has the following information in the accounting records for the month of October: Direct labour $25,000 Purchases of raw materials $73,000 Factory insurance $9,600 Advertising $9,000 Factory property taxes $7,500 Sales commissions $4,600 Work in process inventory, Oct 1 $10,700 Work in process inventory, Oct 31 $12,000 Materials inventory, Oct 1 $5,200 Materials inventory, Oct 31 $7,900 Finished goods inventory, Oct 1 $20,000 Finished goods inventory, Oct 31 $16,700. c. What was the cost of goods manufactured in October? d. What was the cost of goods sold for October?
A manufacturing company has the following information in the accounting records for the month of October: Direct labour $25,000 Purchases of raw materials $73,000 Factory insurance $9,600 Advertising $9,000 Factory property taxes $7,500 Sales commissions $4,600 Work in process inventory, Oct 1 $10,700 Work in process inventory, Oct 31 $12,000 Materials inventory, Oct 1 $5,200 Materials inventory, Oct 31 $7,900 Finished goods inventory, Oct 1 $20,000 Finished goods inventory, Oct 31 $16,700. c. What was the cost of goods manufactured in October? d. What was the cost of goods sold for October?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A manufacturing company has the following
information in the accounting records for the
month of October: Direct labour $25,000
Purchases of raw materials $73,000 Factory
insurance $9,600 Advertising $9,000 Factory
property taxes $7,500 Sales commissions
$4,600 Work in process inventory, Oct 1
$10,700 Work in process inventory, Oct 31
$12,000 Materials inventory, Oct 1 $5,200
Materials inventory, Oct 31 $7,900 Finished
goods inventory, Oct 1 $20,000 Finished.
goods inventory, Oct 31 $16,700 ·
c. What was the cost of goods
manufactured in October? d. What was the
cost of goods sold for October?
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