roblem 4: Ofi Manufacturing had the following data for the period just ended: Work in process, Jan. 1 P 21,000 Work in process, Dec. 31 40,000 Finished goods, Jan. 1 70,000 Finished goods, Dec. 31 61,000 Direct materials used 126,000 Direct labor 260,000 Factory depreciation 80,000 Sales 945,000 Advertising expense 52,000 Factory utilities 27,000 Indirect materials 19,000 Indirect labor 35,000 Required: A. Calculate Ofi's cost of goods manufactured. B. Calculate Ofi's cost of goods sold.
roblem 4: Ofi Manufacturing had the following data for the period just ended: Work in process, Jan. 1 P 21,000 Work in process, Dec. 31 40,000 Finished goods, Jan. 1 70,000 Finished goods, Dec. 31 61,000 Direct materials used 126,000 Direct labor 260,000 Factory depreciation 80,000 Sales 945,000 Advertising expense 52,000 Factory utilities 27,000 Indirect materials 19,000 Indirect labor 35,000 Required: A. Calculate Ofi's cost of goods manufactured. B. Calculate Ofi's cost of goods sold.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 4: Ofi Manufacturing had the following data for the period just ended:
Work in process, Jan. 1 P 21,000
Work in process, Dec. 31 40,000
Finished goods, Jan. 1 70,000
Finished goods, Dec. 31 61,000
Direct materials used 126,000
Direct labor 260,000
Factory
Sales 945,000
Advertising expense 52,000
Factory utilities 27,000
Indirect materials 19,000
Indirect labor 35,000
Required:
A. Calculate Ofi's cost of goods manufactured.
B. Calculate Ofi's cost of goods sold.
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