The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year. Sales $990 Raw materials inventory, beginning $ 40 Raw materials inventory, ending $ 70 Purchases of raw materials $120 Direct labor $200 Manufacturing overhead $230 Administrative expenses $150 Selling expenses $140 Work in process inventory, beginning $ 70 Work in process inventory, ending $ 50 Finished goods inventory, beginning $120 Finished goods inventory, ending $160 The cost of goods sold for the year (in thousands of dollars) was: $700 $500 $660 $580
The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year. Sales $990 Raw materials inventory, beginning $ 40 Raw materials inventory, ending $ 70 Purchases of raw materials $120 Direct labor $200 Manufacturing overhead $230 Administrative expenses $150 Selling expenses $140 Work in process inventory, beginning $ 70 Work in process inventory, ending $ 50 Finished goods inventory, beginning $120 Finished goods inventory, ending $160 The cost of goods sold for the year (in thousands of dollars) was: $700 $500 $660 $580
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year.
| Sales | $990 |
| Raw materials inventory, beginning | $ 40 |
| Raw materials inventory, ending | $ 70 |
| Purchases of raw materials | $120 |
| Direct labor | $200 |
| Manufacturing |
$230 |
| Administrative expenses | $150 |
| Selling expenses | $140 |
| Work in process inventory, beginning | $ 70 |
| Work in process inventory, ending | $ 50 |
| Finished goods inventory, beginning | $120 |
| Finished goods inventory, ending | $160 |
The cost of goods sold for the year (in thousands of dollars) was:
$700
$500
$660
$580
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