Manufacturing Cost Flows
Selected data concerning the past year's operations of the Ozarks Manufacturing Company are as follows:
| Inventories | |
| Beginning | Ending |
Raw material | $71,000 | $ 81,000 |
Work in process | 80,000 | 30,000 |
Finished goods | 90,000 | 110,000 |
Other data: | ||
Direct material used |
| $326,000 |
Total manufacturing costs charged to production during the year (includes direct material, direct labor, and manufacturing overhead applied at a rate of 60% of direct-labor cost) |
| 686,000 |
Cost of goods available for sale |
| 826,000 |
Selling and administrative expenses |
| 31,500 |
Required:
1. What was the cost of raw materials purchased during the year?
2. What was the direct-labor cost charged to production during the year?
3. What was the cost of goods manufactured during the year?
4. What was the cost of goods sold during the year?
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