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XYZ Inc. has provided the following information for the year ended December 31, 2023: Raw material purchases: $3,500,000 Direct labor: $1,800,000 Indirect labor - factory:

XYZ Inc. has provided the following information for the year ended December 31, 2023:

Raw material purchases: $3,500,000

Direct labor: $1,800,000

Indirect labor - factory: $750,000

Factory supplies: $150,000

Factory utilities: $250,000

Factory rent: $200,000

Depreciation - factory machinery: $100,000

Depreciation - office equipment: $50,000

Office supplies: $75,000

Sales commissions: $400,000

Advertising expense: $300,000

Administrative salaries: $600,000

Inventory levels:


Beginning

Ending

Raw Materials

$350,000

$450,000

Work in process

$450,000

$400,000

Finished goods

$500,000

$700,000

Requirements:

Calculate the total factory overhead.

Determine the cost of raw materials used.

Compute the total manufacturing costs.

Calculate the cost of goods manufactured.

Determine the cost of goods sold.

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