The following data (in thousands of dollars) have been takenfrom the accounting records of Karmana Corporation for thejust-completed year. Sales...............................................................$950Raw materials inventory, beginning .....................$10 Rawmaterials inventory, ending .........................$30 Purchasesof raw materials ...............................$120 Direct labor......................................................$200Manufacturing overhead ...................................$230Administrative expenses ...................................$100Selling expenses...............................................$140 Work-in-processinventory, beginning ..................$70 Work-in-processinventory, ending ......................$40 Finished goodsinventory, beginning ..................$100 Finished goodsinventory, ending ........................$80 Use these data toprepare (in thousands of dollars) a schedule of Cost of GoodsManufactured and a Schedule of Cost of Goods Sold for the year. Inaddition, elaborate on the relationship between these schedules asthey relate to the flow of product costs in a manufacturingcompany.
The following data (in thousands of dollars) have been takenfrom the accounting records of Karmana Corporation for thejust-completed year. Sales...............................................................$950Raw materials inventory, beginning .....................$10 Rawmaterials inventory, ending .........................$30 Purchasesof raw materials ...............................$120 Direct labor......................................................$200Manufacturing overhead ...................................$230Administrative expenses ...................................$100Selling expenses...............................................$140 Work-in-processinventory, beginning ..................$70 Work-in-processinventory, ending ......................$40 Finished goodsinventory, beginning ..................$100 Finished goodsinventory, ending ........................$80 Use these data toprepare (in thousands of dollars) a schedule of Cost of GoodsManufactured and a Schedule of Cost of Goods Sold for the year. Inaddition, elaborate on the relationship between these schedules asthey relate to the flow of product costs in a manufacturingcompany.
