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Question - Palmer Co. had the following beginning and ending inventory balances for the year ended December 31:
January 1
December 31
Materials
$10,000
$8,000
Work in Process
$18,000
$17,000
Finished Goods
$21,000
$16,500
In addition, direct labour costs of $30,000 were incurred, overhead equalled $42,000, materials purchased were $27,000, and selling and administrative costs were $22,000. Palmer Co. sold 25,000 units of product during the year at a sales price of $5.00 per unit.
Required -
1. What is the cost of materials used during the year?
2. What is the cost of goods manufactured during the year?
3. What is the cost of goods sold during the year?
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