Reference no: EM132660003
The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the year just ended.
Sales $990
Raw materials inventory, beginning $ 40
Raw materials inventory, ending $ 70
Purchases of raw materials $120
Direct labour $200
Manufacturing overhead $230
Administrative expenses $150
Selling expenses $140
Work-in-process inventory, beginning $ 70
Work-in-process inventory, ending $ 50
Finished goods inventory, beginning $120
Finished goods inventory, ending $160
Problem 1: What was the cost of goods manufactured (finished) for the year (in thousands of $)?