During the year, a company purchased raw materials of$77,322, and incurred direct labor costs of $126,100.Overhead is applied at the rate of 70% of the direct laborcost. These are the inventory balances:BeginningEndingRaw materials inventory$17,432 $16,426Work in process inventory241,439234,422Finished goods inventory312,844 342,385Compute the cost of materials used in production, the costof goods manufactured, and the cost of goods sold.Cost of materials used in production $Cost of goods manufactured$4Cost of goods sold$4

In cost accounting, the cost sheet is prepared for tracking the level of cost and cost allocation at…

Answered: Compute the cost of materials used in…

Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production $ Cost of goods manufactured $4 Cost of goods sold $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

During the year, a company purchased raw materials of
$77,322, and incurred direct labor costs of $126,100.
Overhead is applied at the rate of 70% of the direct labor
cost. These are the inventory balances:
Beginning
Ending
Raw materials inventory
$17,432 $16,426
Work in process inventory
241,439
234,422
Finished goods inventory
312,844 342,385
Compute the cost of materials used in production, the cost
of goods manufactured, and the cost of goods sold.
Cost of materials used in production $
Cost of goods manufactured
$4
Cost of goods sold
$4

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