The following inventory data relate to Edwards, Inc.: ............ Inventories Ending Beginning Finished goods . $75,000 $110,000 Work in process. 80,000 70,000 Direct materials....... 95,000 90,000 Revenues and Costs for the Period: Sales .... $900,000 Cost of goods available for sale. 775,000 Total manufacturing costs . 675,000 Factory overhead 175,000 .... Direct materials used 205,000

The following inventory data relate to Edwards, Inc.: ............ Inventories Ending Beginning Finished goods . $75,000 $110,000 Work in process. 80,000 70,000 Direct materials....... 95,000 90,000 Revenues and Costs for the Period: Sales .... $900,000 Cost of goods available for sale. 775,000 Total manufacturing costs . 675,000 Factory overhead 175,000 .... Direct materials used 205,000

FINANCIAL ACCOUNTING

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Question

E1-9
Determining materials, labor, and cost of goods sold
The following inventory data relate to Edwards, Inc.:
Inventories
Ending Beginning
Finished goods.
$75,000
$110,000
Work in process .
80,000
70,000
Direct materials....
95,000
90,000
Revenues and Costs for the Period:
Sales ......
$900,000
Cost of goods available for sale
775,000
Total manufacturing costs
675,000
Factory overhead
175,000
Direct materials used
205,000
Calculate the following for the year:
Direct materials purchased.
а.
b.
Direct labor costs incurred.
Cost of goods sold.
d. Gross profit.
C.
(Hint: The answers to subsequent parts may require using solu-
tions from earlier parts.)

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