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Required information Skip to question [The following information applies to the questions displayed below.] The following selected information was extracted from the 20x1 accounting records
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[The following information applies to the questions displayed below.] The following selected information was extracted from the 20x1 accounting records of Lone Oak Products:
Raw material purchases | $ | 176,000 | |
Direct labor | 255,000 | ||
Indirect labor | 108,000 | ||
Selling and administrative salaries | 133,000 | ||
Building depreciation* | 80,000 | ||
Other selling and administrative expenses | 195,000 | ||
Other factory costs | 344,000 | ||
Sales revenue ($130 per unit) | 1,495,000 | ||
*Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data:
January 1 | December 31 | |||||
Raw material | $ | 16,000 | $ | 18,200 | ||
Work in process | 35,900 | 62,100 | ||||
Finished goods* | 112,100 | 97,900 | ||||
*The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.
What is the cost of goods sold?
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