Selected data concerning the past years operations of the Lone Star Leather Company are as follows: Required: 1. What was the cost of raw materials

Selected data concerning the past year’s operations of the Lone Star Leather Company are as follows:

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?

Inventories Beginning $142,000 160,000 180,000 Ending Raw material Work in process Finished goods Other data $162,000 220,000 $ 652,000 60,000 Direct material used 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-................................. Cost of goods available for sale Selling and administrative expenses 1,372,000 1,652,000 63,000