During the month of May, Russnak Corporation, a manufacturing company, purchased raw materials costing $73,000. The cost

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During the month of May, Russnak Corporation, a manufacturing company, purchased raw materials costing $73,000. The cost of goods manufactured for the month was $102,000. The beginning balance in the raw materials account was $26,000 and the ending balance was $39,000. The beginning balance in the finished goods account was $42,000 and the ending balance was $46,000.

Required:
a. What was the cost of raw materials used in production during May? Show your work.
b. What was the cost of goods sold for May? Show your work.
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Cornerstones of Managerial Accounting

ISBN: 978-0176530884

2nd Canadian edition

Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman

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