Description

Selected data concerning the past fiscal years operations of the Woodson Manufacturing Company are as follows (in thousands):

Answer each of the following items:

1 Compute the cost of raw materials purchased during the year.

2 Compute the direct-labour costs charged to production during the year.

3 Compute the cost of goods available for sale during the year.

4 Compute the cost of goods sold during the year.

Inventories Beginning Ending 70 90 75 35 100 120 Raw materials WIP Finished goods Other data: Raw materials used Total manufacturing costs charged to production during the year (includes raw materials, direct labour, and factory overhead applied at a rate of 80% of direct-labour cost) Selling and general expenses 468 864 50