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Compute the cost of materials used in production

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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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