X Company began operations in 2018. It manufactured 10,500 units of a single product and sold 7,200 units for $170 each. The following information is for 2018: Direct materials purchased $575,100 Direct materials used 562,800 Direct labor costs 262,605 Overhead costs 124,530 99,540 66,360 Selling costs Administrative costs There was no beginning balance in any inventory account. There were no unfinished units at the end of the year. What was the Cost of Goods Sold for 2018?

X Company began operations in 2018. It manufactured 10,500 units of a single product and sold 7,200 units for $170 each. The following information is for 2018: Direct materials purchased $575,100 Direct materials used 562,800 Direct labor costs 262,605 Overhead costs 124,530 99,540 66,360 Selling costs Administrative costs There was no beginning balance in any inventory account. There were no unfinished units at the end of the year. What was the Cost of Goods Sold for 2018?

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...

See similar textbooks

Similar questions

Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs accumulated at the end of the period are as follows: Assume the beginning raw materials inventory was 62,800, the beginning finished goods inventory was 118,400, and there was no beginning work-in-process inventory. Required: Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process, and Finished Goods.
Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.
Renfro, Inc. was franchised on January 1, 2016. At the end of its third year of operations, December 31, 2018, management requested a study to determine what effect different materials inventory costing methods would have had on its reported net income over the three-year period. The materials inventory account, using LIFO, FIFO, and weighted average, would have had the following ending balances: a. Assuming the same number of units in ending inventory at the end of each year, were material costs rising or falling from 2016 to 2018? b. Which costing method would show the highest net income for 2017? c. Which method would show the lowest net income for 2018? d. Which method would show the highest net income for the three years combined?
What was the cost of goods sold for 2018
What was the cost of goods sold for 2018 general accounting
What was the cost of goods sold for the year?
Inventory balances for the Jameson Company in October 2018 are as follows: October 1, 2018 October 31, 2018 Raw materials $ 20,000 $21,000 Work in process 48,000 37,200 Finished goods 108,000 90,000 During October, purchases of direct materials were $36,000. Direct labor and factory overhead costs were $60,000 and $84,000, respectively. What is the cost of materials used in production?
provide correct answer please
Information from Hope Company's records for the year ended December 31, 2015, is available as follows: Net sales Cost of goods manufactured: $ 28,00,000 Variable $ 12,60,000 Fixed $6,30,000 Operating expenses: Variable $1,96,000 Fixed $ 2,40,000 70,000 60,000 $0 Units manufactured Units sold Finished goods inventory, 1/1/2015 Hope had no work-in-process inventories at either the beginning or end of 2015. - What would be Hope's finished goods inventory cost under the variable (direct) costing method at December 31, 2015?
Boston Company has the following balances as of the year ended December 31, 2018. Direct Materials Inventory=$15,000 Dr WIP Inventory =34,500 Dr Finished Goods Inventory=49,500 Dr Cost of Goods Sold = 74,500 Dr Additional information is as follows: Cost of direct materials purchased during 2018 = $41,000 Cost of direct materials requisitioned in 2018= 47,000 Cost of goods completed during 2018= 102,000 Factory overhead applied (120% of direct labour) = 48,000 Underapplied factory overhead = 4,000 Required: Compute beginning direct materials inventory. Compute beginning WIP inventory.
Please solve
ABC Company had the following inventory balances for Year 2: Beginning Balance Ending Balance Raw Materials $470 $160 Work In Process $420 $310 Finished Goods $450 $1150 During Year 2, ABC Company had the following transactions related to inventory: Purchased S220 of raw materials • Incurred direct labor costs of $180 • Allocated manufacturing overhead costs of $90 • Sold inventory to customers for $700 that cost $210 to make What was ABC Company's Total Manufacturing Cost during Year 2?