PROBLEM 7 Miyose Corporation, a manufacturing company, has provided the following data for the month of June: Inventories: Raw materials. Finished goods Beginning Ending $23,000 $21,000 $32,000 $37,000 Raw materials purchased during June totaled $67,000 and the cost of goods manufactured totaled $124,000. Required: a. What was the cost of raw materials used in production during June? Show your work. b. What was the cost of goods sold for June? Show your work.
PROBLEM 7 Miyose Corporation, a manufacturing company, has provided the following data for the month of June: Inventories: Raw materials. Finished goods Beginning Ending $23,000 $21,000 $32,000 $37,000 Raw materials purchased during June totaled $67,000 and the cost of goods manufactured totaled $124,000. Required: a. What was the cost of raw materials used in production during June? Show your work. b. What was the cost of goods sold for June? Show your work.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![PROBLEM 7
Miyose Corporation, a manufacturing company, has provided the following data for the month of
June:
Inventories:
Raw materials.
Finished goods
Beginning Ending
$23,000
$21,000
$32,000
$37,000
Raw materials purchased during June totaled $67,000 and the cost of goods manufactured
totaled $124,000.
Required:
a. What was the cost of raw materials used in production during June? Show your work.
b. What was the cost of goods sold for June? Show your work.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5fbf675e-2739-4cb1-bf6f-4b03cb28814f%2F605dc466-1fb7-41df-b147-cf8ae3e4b93f%2Fswfa43_processed.jpeg&w=3840&q=75)
Transcribed Image Text:PROBLEM 7
Miyose Corporation, a manufacturing company, has provided the following data for the month of
June:
Inventories:
Raw materials.
Finished goods
Beginning Ending
$23,000
$21,000
$32,000
$37,000
Raw materials purchased during June totaled $67,000 and the cost of goods manufactured
totaled $124,000.
Required:
a. What was the cost of raw materials used in production during June? Show your work.
b. What was the cost of goods sold for June? Show your work.
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