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X Company began operations in 2016. It manufactured a single product and sold 7,000 units for $180 each. The following information is for 2016: Units
X Company began operations in 2016. It manufactured a single product and sold 7,000 units for $180 each. The following information is for 2016:
Units produced | 10,700 |
Direct materials purchased | $588,341 |
Direct materials used | $573,841 |
Direct labor costs | $286,439 |
Overhead costs | $121,017 |
Selling and admin costs | $154,615 |
There was no beginning balance in any inventory account. There was no closing balance in the Work in Process inventory account. What was Cost of Goods Sold for the year?
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