Solution-What is the cost of goods sold during the year

What is the cost of goods sold during the year

Assignment Help Cost Accounting

Reference no: EM13512917

Selected data concerning the past fiscal year's operations (000 omitted) of the Televans Manufacturing Company are presented below.

Inventories

	Beginning	Ending
Direct materials	$75	$ 85
Work-in-process	80	30
Finished goods	90	110
Other data:
Direct materials used
Total manufacturing costs charged to production during the year (includes direct materials, direct labor, and factory overhead applied at a rate of 60% of direct labor cost)		326 686
Cost of goods available for sale		826
Selling and general expenses		25

1. The cost of direct materials purchased during the year amounted to

(a) $411 (d) $336

(b) $360 (e) Some amount other than those shown above

2. Direct labor costs charged to production during the year amounted to

(a) $135 (d) $216

(b) $225 (e) Some amount other than those shown above

3. The cost of goods manufactured during the year was

(a) $636 (d) $716

(b) $766 (e) Some amount other than those shown above

4. The cost of goods sold during the year was

(a) $736 (d) $805

(b) $716 (e) Some amount other than those shown above

Reference no: EM13512917

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What is the cost of goods sold during the year

Reference no: EM13512917

Reference no: EM13512917

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