X Company, a manufacturer, incurred the following total costs
during the year:
Direct materials | $47,624 |
Direct labor | 106,577 |
Overhead | 151,364 |
The following additional information was available:
What was Cost of Goods Sold for the year?
Total cost incurred during the year | ||
Direct material | 47624 | |
Direct labour | 106577 | |
Overhead | 151364 | |
Total | 305565 | |
Less: | ||
Cost of unfinished goods | -15110 | |
cost of finished goods but not sold | -26405 | |
-41515 | ||
Cost of goods sold | 264050 |
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