Question

Champagne of the​ South, Inc., a manufacturer of bottled sweet​ tea, had the following beginning and ending inventories for the year ended December​ 31, 2013:

	January 1	December 31
Raw Materials​ Inventory*	​$10,000	​$1317
Work in Process Inventory	​$19308	​$17,000
Finished Goods Inventory	​$21,000	​$16,500

​*Raw Materials Inventory consists of both direct material and indirect material.

During the​ year, direct labor costs of​ $30,000 were​ incurred, manufacturing overhead totaled ​$42,000, materials purchased were​ $27,000, and selling and administrative costs were​ $22,000. Champagne sold​ 25,000 units of product during the year at a sales price of​ $5.00 per unit. What were the total manufacturing costs for the year assuming

​$2 comma 5762,576

of indirect materials were used during the​ period?

Answer 1

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