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A Company has the following selected data concerning the past year's operations: Inventories Beginning Ending Direct Material $81,000 $71,000 Work-in-Process 80,000 30,000 Finished Goods 90,000
A Company has the following selected data concerning the past year's operations: Inventories Beginning Ending Direct Material $81,000 $71,000 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 50% of direct labor cost) 686,000 Cost of goods sold 716.000 Selling and administrative expenses Sales Revenue What was the cost of direct materials purchased during the year? 32,000 850,000
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