Question
The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the year just ended. Sales$990 Raw materials
The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the year just ended.
Sales$990
Raw materials inventory, beginning$40
Raw materials inventory, ending$70
Purchases of raw materials$120
Direct labour$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
What was the cost (in thousands of $) of the raw materials used in production during the year?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started