Woodson Manufacturing Co. (Relationship of Manufacturing Cost)

Selected data concerning the past fiscal year's operations of the Woodson Manufacturing Company are as follows (in thousands):

Inventories

Beginning Ending

Raw materials $ 70 $ 90

WIP 75 35

Finished goods 100 120

Other data:

Raw materials used $468

Total manufacturing costs

charged to production during

the year (includes raw materials,

direct labor, and factory overhead

applied at a rate of 80% of

direct-labor cost) 864

Selling and general expenses 50

Answer each of the following items:

1.Compute the cost of raw materials purchased during the year.

2.Compute the direct-labor costs charged to production during the year.

3.Compute the cost of goods available for sale during the year.

4.Compute the cost of goods sold during the year.