The Nasaktan Corporation had the following account balances:Raw Materials InventoryBal. 1/130,000Purchases420,000Bal. 12/3160,000Work in Process InventoryBal. 1/1Direct materialFactory Wages Payable179,000 Bal.1/1Accrual10,00070,000320,000810,000175,000Direct labor110,000400,000Bal. 12/31Overhead6,000Bal. 12/31Finished Goods InventoryCost of Goods SoldBal. 1/140,000Bal. 12/31130,000Determine the following:1. Raw materials put into production2. Indirect materials3. Indirect labor4. Work in process, end5. Cost of goods soldPrepare:6. Cost of goods sold

Cost accounting means the recording of different cost in different account and to find out the cost…

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

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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