Q 2. The cost of goods manufactured (finished) for the year (in thousands of dollars) was: A) $540 $500 B) $570 C) $590 D) Ans: A AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting, Measurement LO: 2,3,4 Level: Medium Solution: Part 1: exercises Example 1 Use the following to answer the following: The following data (in thousands of dol lars) have been taken from the accounting records of Karling Corporation for the just completed year. Use these data to answer questions Q1-Q4 $990 $40 Sales.. Raw materials inventory, beginning. Raw materials inventory, ending. Purchases of raw materials.. Direct labor... Manufacturing overhead Administrative expenses. Selling expenses Work in process inventory, beginning. Work in process inventory, ending... Finished goods inventory, beginning.. Finished goods inventory, ending.... $70 $120 $200 $230 $150 $140 $70 $50 $120 $160 Q 1. The cost of the raw materials used in production during the year (in thousands of dollars) was: A) $190 B) $90 C) $150 D) $160 @Cary fus FAcTuR BEcaing WoRk inPoc To 7AL MANUFACTURING COs TS TwvEdARS To iAL'MANUFATACEo DIRECT MATERIAL COSTS DIRECT LMCOUR COSTS @Cosig Gou SoLD N ADMAnnCTURw Cast a Gina mauFaeo mAduFACTuRSNG OVEHENO Co 19- 27 N.B: DIRECT MATE RIALS COSTS= RAW MATERELS INUENTORY AT PURCHARERAW MATECIAS RAW MATEREALS AT END. ENDING WORK IN PRo CEs @Costg Gas Salo 2wMeRCADE WINCO Gou INNEAn INVENTRAY SI06 19-27 EndiNG FNCTRCO Geer ZWENTN Q 2. The cost of goods manufactured (finished) for the year (in thousands of dollars) was: A) $540 B) $500 $570 C) $590 AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting, Measurement LO: 2,3,4 Level: Medium Ans: A Solution: Q3. The cost of goods sold for the vear (in thousands of dollars) was : A) $700 B) $500 $660 $580 C) D) Solution: Q4. The net operating income for the year (in thousands of dollars) was: $150 $200 $490 $250 A) B) C) D) Solution