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

question 18

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.

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Definitions:

Discharge Summary

A comprehensive document detailing a patient's hospital visit, including the reason for admission, major findings, procedures performed, treatment received, and recommendations on discharge.

Primary Care Physician

A healthcare provider who offers general medical care for a wide range of health issues and guides patients in the healthcare system, serving as their first point of contact.

Incident/Occurrence Report

A documentation process used in healthcare and other industries to record the details of unusual events or accidents, aimed at improving safety and preventing future incidents.

Quality Improvement

An ongoing effort to improve products, services, or processes, often applied in healthcare to enhance patient care and outcomes.