Nova Chemicals Corp. incurred the following manufacturing costs for the year 2016:

Instructions
Calculate the following:
(a) For 2016, what was the cost of raw materials purchased?
(b) For 2016, what was the cost of goods manufactured?
(c) For 2016, what was the cost of goods sold?

Transcribed Image Text:

Raw materials used in production 28,000 Inventories: Total manufacturing cost added Factory overhead 160,00 66,000 Raw materials, January 1 Raw materials, December 31 Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 $ 9,600 10,400 14,600 13,000 9,600 9,200 Selling and administration expenses 43,000