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Calculate cost of good manufactured

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Reference no: EM131808868

Problem

Owen Stores produces dresses. During the current year, the company incurred the following costs:

Factory rent

$ 129,000

 

Direct labor used

$ 420,000

 

Factory utilities

$ 100,000

 

Direct materials purchases

$  725,000

 

Indirect materials

$ 102,000

 

Indirect labor

$   77,000

 

Inventories for the year were:

 

 

January 1

December 31

Direct materials

$ 250,000

$ 145,000

Work in process

$ 150,000

$ 136,000

Finished goods

$ 300,000

$  290,000

1. Calculate Cost of Good Manufactured.
2. Calculate Cost of Goods Sold.

Reference no: EM131808868

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