What was cost of goods sold for the year

Assignment Help Financial Accounting

Reference no: EM13922112

X Company, a manufacturer, reported the following inventory balances for 2014:

	Direct Materials	Work in Process	Finished Goods
January 1	$16,614	$17,924	$15,386
December 31	$14,894	$13,744	$15,386

The following additional information was available:

Direct materials costing $70,236 were purchased.

Direct labor cost was $26,268.

Overhead applied was $46,414.

Selling and administrative costs were $32,138.

Sales were $446,454.

What was Cost of Goods Sold for the year?

Reference no: EM13922112

Questions Cloud

Assignment on database management systems : This lab assignment is to practice data modeling of a given user view of an online retail store.

Draw dependency diagram to show the functional dependencies : Draw a dependency diagram to show the functional dependencies in the relation and decompose GRADE REPORT into a set of 3NF relations

Which costs are pertinent to economic decision making : Which costs are pertinent to economic decision making? Which costs are not relevant? A noted economist was asked what he did with his "free time." He responded by saying that "time is not free." Explain this response.

How do agents and brokers differ : How do agents and brokers differ? After hearing the advice that it is usually best to buy life insurance from a person who has been in the business at least five years, a life insurance company general agent became upset and said rather vehemently, “..

What was cost of goods sold for the year : What was Cost of Goods Sold for the year Direct materials costing $70,236 were purchased.Direct labor cost was $26,268.

Showing profit/loss on crop, livestock and total profit : Depreciation is to be provided for at the rate of 20% and 10% per annum for motor vehicles and farm implements respectively on the book values. Buildings to be depreciated at 2% per annum on cost.

Should solaces management agree to sell explain : The Solace Company has an inventory of steel that it originally purchased for $20,000. It currently has an offer to sell the steel for $30,000. Should Solace's management agree to sell? Explain.

Execute complete and thorough unit test : Define, implement, and execute complete and thorough unit test on the given Java class (MyStringUtils.java).

What is the opportunity cost of your choice explain : Suppose that you have $900 and want to invest the money for one year. Which one will you choose? What is the opportunity cost of your choice? Explain.

User Account

All Pages