The Juarez Corporation incurred the following transactions during its first year

Question

The Juarez Corporation incurred the following transactions during its first year of operations. (Assume all transactions involve cash). 1) Acquired $1,000 of capital from the owners 2) Purchased $400 of direct raw materials. 3) Used $300 of these direct raw materials in the production process. 4) Paid production workers $400 cash. 5) Paid $200 for manufacturing overhead. 6) Started and completed 200 units of inventory 7) Sold 50 units at a price of $6 each. 8) Paid $40 for selling and administrative expenses The amount of cost of goods manufactured would be

Explanation / Answer

amount of cost of goods manufactured raw materials used in production 300 direct labor 400 manufacturing overhead 200 amount of cost of goods manufactured 900 answer $900

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