Question

During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of...

During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of $126,000. Overhead is applied at the rate of 80% of the direct labor cost. These are the inventory balances:

Beginning Ending
Raw materials inventory $17,435 $16,427
Work in process inventory 241,437 234,424
Finished goods inventory 312,841 342,384

Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.

Cost of materials used in production $
Cost of goods manufactured $
Cost of goods sold $
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