During the year, a company purchased raw materials of $77,323, and incurred direct labor costs of $126,000. Overhead is applied at the rate of 70% of the direct labor cost. These are the inventory balances:

eBook Calculator Print Item During the year, a company purchased raw materials of $77,323, and incurred direct labor costs of $126,000. Overhead is applied at the rate of 70% of the direct lab cost. These are the inventory balances: Ending Beginning Raw materials inventory $17,432 Work in process inventory 241,437 Finished goods inventory 312,842 $16,430 234,425 342,383 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production $ 78,325 Cost of goods manufactured Cost of goods sold Previous Next > Check My Work stor Save and Submit Assignment for Gradine