Given the following information for 20X5, calculate the direct materials purchased. Cost of goods sold $610,000 Cost of goods manufactured 589,000 Direct labor 124,000 153,000 217,000 196,000 81,000 70,000 35,000 22,000 Manufacturing overhead costs Finished goods inventory, January 1, 20X5 Finished goods inventory, December 31, 20X5 Work in process inventory, January 1, 20X5 Work in process inventory, December 31, 20X5 Materials inventory, January 1, 20X5 Materials inventory, December 31, 20X5 Select one: a. $312,000 b. $288,000

Given the following information for 20X5, calculate the direct materials purchased. Cost of goods sold $610,000 Cost of goods manufactured 589,000 Direct labor 124,000 153,000 217,000 196,000 81,000 70,000 35,000 22,000 Manufacturing overhead costs Finished goods inventory, January 1, 20X5 Finished goods inventory, December 31, 20X5 Work in process inventory, January 1, 20X5 Work in process inventory, December 31, 20X5 Materials inventory, January 1, 20X5 Materials inventory, December 31, 20X5 Select one: a. $312,000 b. $288,000

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Description: Given the following information for 20X5, calculate the direct materials purchased.$610,000Cost of goods soldCost of goods manufactured589,000Direct labor124,000153,000217,000196,00081,00070,00035,00022,000Manufacturing overhead costsFinished goods

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

Given the following information for 20X5, calculate the direct materials purchased.
$610,000
Cost of goods sold
Cost of goods manufactured
589,000
Direct labor
124,000
153,000
217,000
196,000
81,000
70,000
35,000
22,000
Manufacturing overhead costs
Finished goods inventory, January 1, 20X5
Finished goods inventory, December 31, 20X5
Work in process inventory, January 1, 20X5
Work in process inventory, December 31, 20X5
Materials inventory, January 1, 20X5
Materials inventory, December 31, 20X5
Select one:
O a. $312,000
b. $288,000

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