Solution-Compute the cost of materials used in production

Compute the cost of materials used in production

Reference no: EM133136703

Question - During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances:

	Beginning	Ending
Raw materials inventory	$15,394	$17,432
Work in process inventory	57,304	53,721
Finished goods inventory	120,432	132,432

Required - Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.

Reference no: EM133136703

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Compute the cost of materials used in production

Reference no: EM133136703

Reference no: EM133136703

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