GNBExam02

GNBExam02 - GNB 12e Practice Exam Chapter 2 1. The...

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GNB 12e Practice Exam – Chapter 2 1. The following data have been taken from the accounting records of Kovach Corporation for the just completed year. Raw materials inventory, beginning $ 80 Raw materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Administrative expenses 300 Direct labor 400 Manufacturing overhead 460 Purchases of raw materials 240 Sales 1,980 Selling expenses 280 Part (a) What was the cost of the raw materials used in production during the year? Raw materials inventory, beginning $ 80 Purchases of raw materials 240 Less raw materials inventory, ending (140) Raw materials used in production $180 Part (b) What was the cost of goods manufactured (finished) for the year? Raw materials used in production (calculated in the previous question) $ 180 Direct labor 400 Manufacturing overhead 460 Total manufacturing costs 1,040 Work in process inventory,
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GNBExam02 - GNB 12e Practice Exam Chapter 2 1. The...

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