The following data has been taken from the accounting records of Chase Corporation for the year...
The following data has been taken from the accounting records of Chase Corporation for the year ended 2019:
Sales $930,000
Raw materials inventory, beginning $70,000
Raw materials inventory, ending $40,000
Raw materials, purchases $190,000
Direct labor $150,000
Manufacturing overhead $210,000
Administrative expenses $95,000
Selling expenses $120,000
Work in process inventory, beginning $80,000
Work in process inventory, ending $75,000
Finished goods inventory, beginning $90,000
Finished goods inventory, ending $140,000
Use the data to answer the following questions (a - c)
-
- What was the cost of the raw materials used in production during the year?
-
- What was the cost of goods manufactured (finished) for the year?
-
- What was the cost of goods sold for the year?
Homework Answers
a) Cost of raw material used = 70000+190000-40000 = 220000
b) Cost of goods manufactured = 220000+150000+210000+80000-75000 = $585000
c) Cost of goods sold = 90000+585000-140000 = 535000
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