The Juarez Corporation incurred the following transactions during its first year of operations (assume all...
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Accounting
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 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 per unit. 8. Paid $40 for selling and administrative expenses. Based on the above, compute the following: A. The amount of cost of goods manufactured B. The amount of cost of goods sold C. The amount of net income for the year.
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