You have the following information about XYZ Companyduring the year 2019.

Direct materials:

Beginning inventory$ 30,000

Purchases100,000

Ending inventory30,000

Direct manufacturing labor50,000

Manufacturing overhead70,000

Beginning work-in-process inventory25,000

Ending work-in-process inventory36,000

Beginning finished goods inventory70,000

Ending finished goods inventory52,000

Sales Revenue 260,000

Calculate:

1. The cost of direct materials used during 2019. (2 Marks)

2. The cost of goods manufactured for 2019. (2 Marks)

3. The cost of goods sold for 2019. (3 Marks)

4. The gross margin (gross profit). (3 Marks)

You have the following information about XYZ Company during the year 2019. Direct materials: Beginning inventory $ 30,000 Purchases 100,000 Ending inventory 30,000 Direct manufacturing labor 50,000 Manufacturing overhead 70,000 Beginning work-in-process inventory 25,000 Ending work-in-process inventory 36,000 Beginning finished goods inventory 70,000 Ending finished goods inventory 52,000 Sales Revenue 260,000 Calculate: 1. The cost of direct materials used during 2019. (2 Marks) 2. The cost of goods manufactured for 2019. (2 Marks) 3. The cost of goods sold for 2019. (3 Marks) 4. The gross margin (gross profit)