The Nasaktan Corporation had the following account balances: Bal. 1/1 Raw Materials Inventory 30,000 Purchases 420,000 Bal. 12/31 60,000 Work in Process Inventory 70,000 320,000 110,000 400,000 Factory Wages Payable 179,000 Bal.1/1 Accrual Bal. 1/1 Direct material 810,000 10,000 175,000 Direct labor Bal. 12/31 Overhead 6,000 Bal. 12/31 Finished Goods Inventory 40,000 Cost of Goods Sold Bal. 1/1 Bal. 12/31 130,000 Determine the following: 1. Raw materials put into production 2. Indirect materials 3. Indirect labor 4. Work in process, end 5. Cost of goods sold Prepare: 6. Cost of goods sold
The Nasaktan Corporation had the following account balances: Bal. 1/1 Raw Materials Inventory 30,000 Purchases 420,000 Bal. 12/31 60,000 Work in Process Inventory 70,000 320,000 110,000 400,000 Factory Wages Payable 179,000 Bal.1/1 Accrual Bal. 1/1 Direct material 810,000 10,000 175,000 Direct labor Bal. 12/31 Overhead 6,000 Bal. 12/31 Finished Goods Inventory 40,000 Cost of Goods Sold Bal. 1/1 Bal. 12/31 130,000 Determine the following: 1. Raw materials put into production 2. Indirect materials 3. Indirect labor 4. Work in process, end 5. Cost of goods sold Prepare: 6. Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The Nasaktan Corporation had the following account balances:
Raw Materials Inventory
Bal. 1/1
30,000
Purchases
420,000
Bal. 12/31
60,000
Work in Process Inventory
Bal. 1/1
Direct material
Factory Wages Payable
179,000 Bal.1/1
Accrual
10,000
70,000
320,000
810,000
175,000
Direct labor
110,000
400,000
Bal. 12/31
Overhead
6,000
Bal. 12/31
Finished Goods Inventory
Cost of Goods Sold
Bal. 1/1
40,000
Bal. 12/31
130,000
Determine the following:
1. Raw materials put into production
2. Indirect materials
3. Indirect labor
4. Work in process, end
5. Cost of goods sold
Prepare:
6. Cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d7e20d6-450d-4bc0-95b7-9fb564718c2d%2F80128659-027e-407c-a4bc-a23a83d389c6%2F1xvxp8k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Nasaktan Corporation had the following account balances:
Raw Materials Inventory
Bal. 1/1
30,000
Purchases
420,000
Bal. 12/31
60,000
Work in Process Inventory
Bal. 1/1
Direct material
Factory Wages Payable
179,000 Bal.1/1
Accrual
10,000
70,000
320,000
810,000
175,000
Direct labor
110,000
400,000
Bal. 12/31
Overhead
6,000
Bal. 12/31
Finished Goods Inventory
Cost of Goods Sold
Bal. 1/1
40,000
Bal. 12/31
130,000
Determine the following:
1. Raw materials put into production
2. Indirect materials
3. Indirect labor
4. Work in process, end
5. Cost of goods sold
Prepare:
6. Cost of goods sold
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