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.

Question

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The Answer of 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.

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