During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of $125,700. Overhead is applied at the rate of 70% of the direct laborcost. These are the inventory balances:Beginning EndingRaw materials inventory$17,433 $16,429Work in process inventory241,438 234,425Finished goods inventory312,840 342,382Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.Cost of materials used in production $Cost of goods manufactured$Cost of goods sold

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Description: During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of $125,700. Overhead is applied at the rate of 70% of the direct laborcost. These are the inventory balances:Beginning EndingRaw materials inventory$17,4

Calculation of Cost of materials used in production Beginning Raw materials Inventory $17,433…

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During the year, a company purchased raw materials of $77,320, and incurred direct cost. These are the inventory balances: Beginning Ending Raw materials inventory $17,433 $16,429

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...

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