During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances:

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

Raw Materials
Beginning inventory
Purchases
Material available for use
Ending inventory
Materials used in production
Work in Process Inventory
Beginning inventory
Materials used in production
Direct labor
Overhead applied
Manufacturing costs incurred
Ending inventory
Cost of goods manufactured
Finished Goods Inventory
Beginning inventory
Cost of goods manufactured
Goods available for sale
Ending inventory
Cost of goods sold

PA6 LO 4.5 During the year, a company purchased raw materials of $77 321, and incurred direct labor costs of $125,900 Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances Raw materials inventory Work in process inventory Finished goods inventory Beginning $ 17,433 241,439 312.842 Ending $ 16,428 234,423 342,384 Compute the cost of materials used in production, the cost of goods manufactured and the cost of goods sold