Homework Answers
Answer:
| Cost of materials used in production | $78,329 |
| Cost of goods manufactured | $299,712 |
| Cost of goods sold | $270,168 |
Calculations:
| Raw material inventory, Beginning | $17,435 |
| Raw materials, purchases | $77,322 |
| Raw material inventory, Ending | ($16,428) |
| Cost of materials used in production | $78,329 |
| Direct labor cost | $126,100 |
| Overhead [126,100 x 70%] | $88,270 |
| Total manufacturing costs | $292,699 |
| Work in process inventory, Beginning | $241,438 |
| Work in process inventory, Ending | ($234,425) |
| Cost of goods manufactured | $299,712 |
| Finished goods inventory, beginning | $312,842 |
| Finished goods inventory, ending | ($342,386) |
| Cost of goods sold | $270,168 |
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