Analyzing Activity in Inventory AccountsSelected data concerning operations of Cascade Manufacturing Company for the past fiscal year follow: Raw materials used $ 400,000 Total manufacturing costs charged to production during the year (includes raw materials, direct labor, and manufacturing overhead applied at a rate of 60 percent of direct labor costs) 731,000 Cost of goods available for sale 876,000 Selling and general expenses 40,000 Inventories Beginning Ending Raw materials $ 70,000 $ 80,000 Work-in-process 85,000 30,000 Finished goods 90,000 110,000 Determine each of the following: Cost of raw materials purchased Direct labor costs charged to production Cost of goods manufactured Cost of goods sold
Analyzing Activity in Inventory AccountsSelected data concerning operations of Cascade Manufacturing Company for the past fiscal year follow: Raw materials used $ 400,000 Total manufacturing costs charged to production during the year (includes raw materials, direct labor, and manufacturing overhead applied at a rate of 60 percent of direct labor costs) 731,000 Cost of goods available for sale 876,000 Selling and general expenses 40,000 Inventories Beginning Ending Raw materials $ 70,000 $ 80,000 Work-in-process 85,000 30,000 Finished goods 90,000 110,000 Determine each of the following: Cost of raw materials purchased Direct labor costs charged to production Cost of goods manufactured Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Analyzing Activity in Inventory Accounts
Selected data concerning operations of Cascade Manufacturing Company for the past fiscal year follow:
| Raw materials used | $ 400,000 |
| Total |
731,000 |
| Cost of goods available for sale | 876,000 |
| Selling and general expenses | 40,000 |
| Inventories | ||
|---|---|---|
| Beginning | Ending | |
| Raw materials | $ 70,000 | $ 80,000 |
| Work-in-process | 85,000 | 30,000 |
| Finished goods | 90,000 | 110,000 |
Determine each of the following:
- Cost of raw materials purchased
- Direct labor costs charged to production
- Cost of goods manufactured
- Cost of goods sold
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