QU #4) Selected data concerning the past years operations of the Altek Manufacturing Company are as follows: Inventories ($) Beginning Ending Raw materials 71,000 81,000 Work in Process 80,000 30,000 Finished Goods 90,000 110,000 Other Data: Direct Materials Used ---------------------------------------- $ 326,000 Total Manufacturing Costs Charged to production during the year (includes direct material, direct labour, and manufacturing overhead applied at a rate of 60% of direct-labour cost) -----------------------$ 686,000 Cost of Goods Available for Sale ----------------------$ 826,000 Selling and Administration Expenses -------------------- $ 31,500 Required: i. What was the cost of raw materials purchased during the year?--------------------(4 marks) ii. What was the direct-labour cost charged to production during the year?---------(2 marks) iii. What was the cost of goods manufactured during the year?-----------------------(2 marks) iv What was the cost of goods sold during the year?------------------------------------(2 marks) |