Inventory formation: 453 uring the year, the following costs and expenses were incurred Raw materials purchased 0 Direct labor cost 150,000 d. 40,000 Indirect factory labor Taxes and depreciation on factory building 60,000 Taxes and depreciation on sales room and office 30,000 10,000 om the records of Sales salaries 7,500 0, 20x1 Office salaries milities (60% applicable to factory, 20% to sales room, and 2070 20,000 5,000 12,000 000 to office) 25,000 000 ? Holdaway's cost of goods sold for the year is a. 257,000 b. 260,500 c. 261,000 (Adapted) d. 269,500 payable, after Manuals Corp. determined the following information for the and P5,000 for purpose of applying the retail method of inventory estimation; Cost Retail purchases. Inventory, beg. Net sales (net of 40K returns and 10K discounts) P 45,000 P 75,000 d during the 590,000 Purchases 270,000 590,000 . Freight-in 6,750 returns were Net markups 50,000 Net markdowns 20,000 Normal shrinkage 12,000 How much is the cost of goods sold under each of the following 35,750 methods? Average FIFO Average FIFO a. 281,229.67 282,828.77 c. 283,329.30 282,828.77 S at the b. 273,329.30 284,698.80 d. 283,329.30 284,698.80 End Use the following information for the next two questions: Thursday Co. is estimating the cost of its inventory at month-end. 000 The accountant determined the following