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Analyzing Activity in Inventory Accounts Selected data concerning operations of Cascade Manufacturing Company for the past fiscal year follow: Raw materials used $600,000 Total manufacturing
Analyzing Activity in Inventory Accounts Selected data concerning operations of Cascade Manufacturing Company for the past fiscal year follow:
Raw materials used | $600,000 |
Total manufacturing costs charged to production during the year(includes raw materials, direct labor, and manufacturing overheadapplied at a rate of 60 percent of direct labor costs) | 1,362,000 |
Cost of goods available for sale | 1,507,000 |
Selling and general expenses | 60,000 |
Inventories | ||
---|---|---|
Beginning | Ending | |
Raw materials | $70,000 | $80,000 |
Work-in-process | 85,000 | 30,000 |
Finished goods | 90,000 | 110,000 |
Determine each of the following: (a) Cost of raw materials purchased $Answer
(b) Direct labor costs charged to production $Answer
(c) Cost of goods manufactured $Answer
(d) Cost of goods sold $Answer
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