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​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?

FINANCIAL ACCOUNTING
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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​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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