Selected data concerning the past year’s operations of the Altek Manufacturing Company are as follows: Inventories ($) Beginning Ending Raw materials 71,000 81,000 Work in Process 80,000 30,000 Finished Goods 90,000 110,000 Other Data: Direct Materials Used ---------------------------------------------- $ 326,000 Total Manufacturing Costs Charged to production during the year (includes direct material, direct labour, and manufacturing overhead applied at a rate of 60% of direct-labour cost) ----------------------------------$ 686,000 Cost of Goods Available for Sale ----------------------------------$ 826,000 Selling and Administration Expenses ----------------------------- $ 31,500 Required: What was the cost of goods sold during the year?
Selected data concerning the past year’s operations of the Altek Manufacturing Company are as follows:
Inventories ($) Beginning Ending
Raw materials 71,000 81,000
Work in Process 80,000 30,000
Finished Goods 90,000 110,000
Other Data:
Direct Materials Used ---------------------------------------------- $ 326,000
Total
during the year (includes direct material, direct labour,
and manufacturing
rate of 60% of direct-labour cost) ----------------------------------$ 686,000
Cost of Goods Available for Sale ----------------------------------$ 826,000
Selling and Administration Expenses ----------------------------- $ 31,500
Required:
What was the cost of goods sold during the year?
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