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The AMX Company was started on January 1, 2007. The company incurred the following transactions during the year. (Assume all transactions are for...
The AMX Company was started on January 1, 2007. The company incurred the following transactions during the year. (Assume all transactions are for cash unless otherwise indicated.) First, acquired $2,500 by issuing common stock. Second, purchased $700 of direct raw materials. Third, used $500 of these direct raw materials in the production process. Fourth, paid production workers $900 cash. Fifth, paid $800 for manufacturing overhead (assume applied and actual overhead are the same). Sixth, started and completed 100 units of inventory. Seventh, sold 80 units at a price of $30 each. Eighth, paid $400 for selling and administrative expenses.
The amount of cost of goods sold recognized by AMX in 2007 is $1,760. How do you find the answer to this question ($1,760)?
