Question
The Johnson Corporation was started on January 1, 2014. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired
The Johnson Corporation was started on January 1, 2014. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired $2,100 of capital from the owners. 2) Purchased $410 of direct raw materials. 3) Used $310 of these direct raw materials in the production process. 4) Paid production workers $510 cash. 5) Paid $310 for manufacturing overhead (applied and actual overhead are the same). 6) Started and completed 250 units of inventory. 7) Sold 160 units at a price of $6 each. 8) Paid $150 for selling and administrative expenses. The amount of cost of goods manufactured would be:
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