Calculate the cost of goods sold using the following information for Sunderland Manufacturing Ltd. for the year ended December 31, 2023. Item Direct materials Amount ($) 312,400 Direct labor 140,500 Factory overhead costs 275,000 General and administrative expenses 90,200 Selling expenses 52,300 Work in Process inventory, January 1 125,600 Work in Process inventory, December 31 132,500 Finished goods inventory, January 1 240,800 Finished goods inventory, December 31 248,300 What is the amount of cost of goods sold?

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
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Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...
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What is the amount of cost of goods sold?

Calculate the cost of goods sold using the following information for Sunderland
Manufacturing Ltd. for the year ended December 31, 2023.
Item
Direct materials
Amount ($)
312,400
Direct labor
140,500
Factory overhead costs
275,000
General and administrative expenses
90,200
Selling expenses
52,300
Work in Process inventory, January 1
125,600
Work in Process inventory, December 31 132,500
Finished goods inventory, January 1
240,800
Finished goods inventory, December 31 248,300
What is the amount of cost of goods sold?
Transcribed Image Text:Calculate the cost of goods sold using the following information for Sunderland Manufacturing Ltd. for the year ended December 31, 2023. Item Direct materials Amount ($) 312,400 Direct labor 140,500 Factory overhead costs 275,000 General and administrative expenses 90,200 Selling expenses 52,300 Work in Process inventory, January 1 125,600 Work in Process inventory, December 31 132,500 Finished goods inventory, January 1 240,800 Finished goods inventory, December 31 248,300 What is the amount of cost of goods sold?
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