eBookPrint ItemQuestion Content AreaDuring the year, a company purchased raw materials of $77,323, and incurred direct labor costs of $125,800. Overhead is applied at the rate of 70% of the direct labor cost. These are the inventory balances: Beginning Ending Raw materials inventory$17,433 $16,426 Work in process inventory241,439 234,425 Finished goods inventory312,840 342,384 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.Cost of materials used in production$fill in the blank 1Cost of goods manufactured$fill in the blank 2Cost of goods sold$fill in the blank 3

The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…

Answered: Question Content Area During the year,…

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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During the year, a company purchased raw materials of $77,323, and incurred direct labor costs of $125,800. Overhead is applied at the rate of 70% of the direct labor cost. These are the inventory balances:

Beginning Ending

Raw materials inventory $17,433 $16,426

Work in process inventory 241,439 234,425

Finished goods inventory 312,840 342,384

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 $fill in the blank 1

Cost of goods manufactured $fill in the blank 2

Cost of goods sold $fill in the blank 3

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