Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31: January 1 December 31 Materials $11,000 $ 8,800 Work in Process 19,800 18,700 Finished Goods 23,100 18,150 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the amount of cost of goods sold for the year?
Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31: January 1 December 31 Materials $11,000 $ 8,800 Work in Process 19,800 18,700 Finished Goods 23,100 18,150 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the amount of cost of goods sold for the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31:
|
|
January 1 |
December 31 |
|
Materials |
$11,000 |
$ 8,800 |
|
Work in Process |
19,800 |
18,700 |
|
Finished Goods |
23,100 |
18,150 |
In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the amount of cost of goods sold for the year?
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