E1-9 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc. INVENTORIES ENDING BEGINNING Finished goods $82,294 $120,698 Work in process $87,780 $76,808 Direct materials $104,239 $98,753 Revenues and Cost for the period: Sales $987,525 Cost of goods available for sale $850,369 Total manufacturing costs $740,644 Factory overhead $192,019 Direct materials used $224,936 Calculate the following for the year: a. Direct materials purchased b. Direct labor costs incurred c. Cost of goods sold d. Gross profit (Hint Answers to subsequent parts may require using solutions from earlier parts)
E1-9 Determining materials, labor, and cost of goods sold
The following inventory data relate to Edwards, Inc.
INVENTORIES
ENDING BEGINNING
Finished goods $82,294 $120,698
Work in process $87,780 $76,808
Direct materials $104,239 $98,753
Revenues and Cost for the period:
Sales $987,525
Cost of goods available for sale $850,369
Total
Factory overhead $192,019
Direct materials used $224,936
Calculate the following for the year:
a. Direct materials purchased
b. Direct labor costs incurred
c. Cost of goods sold
d. Gross profit
(Hint Answers to subsequent parts may require using solutions from earlier parts)
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