Question

X Company, a manufacturer, incurred the following total costs during the year: Direct materials Direct labor Overhead $55,786 110,147 204,588 The following additional information was available: • Revenue for the year was $82,502. • Direct material purchases during the year were $34,604. • Several jobs that cost a total of $18,835 were unfinished as of the end of the year. • Several jobs that cost a total of $28,980 were finished during the year but not sold. There were no unfinished or finished jobs at the beginning of the year. What was Cost of Goods Sold for the year? Submit Answer Tries 0/3

Answer 1

Answer

Direct material	$55,786
Direct Labor	$110,147
Overhead	$204,588
Total manufacturing cost	$370,521
Less: Ending WIP inventory cost	$18,835
Cost of Goods manufactured	$351,686
Less: ending finished goods inventory	$28,980
Cost of Goods Sold	$322,706	Answer