accounting help probable transactions simple 417683

3.

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Selected accounts of Kosar Manufacturing Company at year end appear below:

DR I CR

RAW MATERIALS INVENTORY

(a) 40,000 I (d) 35,000

WORK IN PROCESS INVENTORY

(d) 35,000 I (g) 140,000

(e) 75,000

(f) 100,000

FINISHED GOODS INVENTORY

(g) 140,000 I (h) 120,000

COST OF GOODS SOLD

(h) 120,000 I

FACTORY LABOR

(b) 110,000 I (e) 110,000

MANUFACTURING OVERHEAD

(c) 75,000 I (f) 100,000

(e) 35,000

Instructions

Explain the probable transaction that took place for each of the items identified by letters in the accounts. For example:

(a) Raw materials costing $40,000 were purchased.

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