During the Month of January, Fisher Corporation, a Manufacturing Company

Essay

During the month of January, Fisher Corporation, a manufacturing company, purchased raw materials costing $76,000. The cost of goods manufactured for the month was $129,000. The beginning balance in the raw materials account was $26,000 and the ending balance was $21,000. The beginning balance in the finished goods account was $52,000 and the ending balance was $35,000.
Required:
a. What was the cost of raw materials used in production during January? Show your work.
b. What was the cost of goods sold for January? Show your work.