Question
Selected data concerning operations of Cascade Manufacturing Company for the past fiscal year follow: Raw materials used$600,000 Total manufacturing costs charged to production during the
Selected data concerning operations of Cascade Manufacturing Company for the past fiscal year follow:
Raw materials used$600,000
Total manufacturing costs charged to production during the year
(includes raw materials, direct labor, and manufacturing overhead applied at a rate of 60 percent of direct labor costs) 1,362,000
Cost of goods available for sale1,507,000
Selling and general expenses 60,000
Inventories Beginning Ending
Raw materials $70,000 $80,000
Work-in-process 85,000 30,000
Finished goods 90,000 110,000
Determine each of the following:
(a) Cost of raw materials purchased
$Answer
(b) Direct labor costs charged to production
$Answer
(c) Cost of goods manufactured
$Answer
(d) Cost of goods sold
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started