The company began operations in 2016. It manufactured a single product and sold 8,000 units for $160 each. The following information is for 2016: Units produced 9,200 Direct materials purchased $524,348 Direct materials used Direct labor costs Overhead costs $505,448 $235,428 $118,956 $146,004 Selling and admin. costs There was no beginning balance in any inventory account. There was no closing balance in the Work in Process inventory account. What was the Cost of Goods Sold for the year?

Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 14E: For each of the following independent situations, calculate the missing values: 1. The Belen plant...
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What was the cost of goods sold for the year?

The company began operations in 2016. It manufactured a single product and sold 8,000 units
for $160 each. The following information is for 2016:
Units produced
9,200
Direct materials purchased $524,348
Direct materials used
Direct labor costs
Overhead costs
$505,448
$235,428
$118,956
$146,004
Selling and admin. costs
There was no beginning balance in any inventory account. There was no closing balance in the
Work in Process inventory account.
What was the Cost of Goods Sold for the year?
Transcribed Image Text:The company began operations in 2016. It manufactured a single product and sold 8,000 units for $160 each. The following information is for 2016: Units produced 9,200 Direct materials purchased $524,348 Direct materials used Direct labor costs Overhead costs $505,448 $235,428 $118,956 $146,004 Selling and admin. costs There was no beginning balance in any inventory account. There was no closing balance in the Work in Process inventory account. What was the Cost of Goods Sold for the year?
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