71,000 81,000 Work in Process 80,000 30,000 Finished Goods 90,000 110,000
Selected data concerning the past year’s operations of the Altek Manufacturing Company are
as follows:
Inventories ($) Beginning Ending
Raw materials 71,000 81,000
Work in Process 80,000 30,000
Finished Goods 90,000 110,000
Other Data:
Direct Materials Used ---------------------------------------------- $ 326,000
Total
during the year (includes direct material, direct labor,
and manufacturing
rate of 60% of direct labor cost) ----------------------------------$ 686,000
Cost of Goods Available for Sale ----------------------------------$ 826,000
Selling and Administration Expenses ----------------------------- $ 31,500
a) What was the cost of raw materials purchased during the year?
b) What was the direct-labor cost charged to production during the year?
c) What was the cost of goods manufactured during the year?
d) What was the cost of goods sold during the year?
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