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Selected data concerning the past year's operations of the Altek Manufacturing Company are as follows: Inventories ($) Beginning Ending Raw materials 71,000 81,000 Work in
Selected data concerning the past year's operations of the Altek Manufacturing Company are as follows: Inventories ($) 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: What was the cost of raw materials purchased during the year? What was the direct-labour cost charged to production during the year? What was the cost of goods manufactured during the year? What was the cost of goods sold during the year
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