What was the cost of raw materials purchased during the year

Assignment Help Accounting Basics

Reference no: EM131967207

Problem

Selected data concerning the past year's operations of the Altek Manufacturing Company are as follows:

Inventories ($) Beginning Ending Raw materials 71,000 81,000
Work in Process 80,000 30,000
Finished Goods 90,000 110,000
Other Data: Direct Materials Used ---------------------------------------- $ 326,000
Total Manufacturing Costs Charged to production during the year (includes direct material, direct labour, and manufacturing overhead applied at a rate of 60% of direct-labour cost) -----------------------$ 686,000
Cost of Goods Available for Sale ----------------------$ 826,000
Selling and Administration Expenses -------------------- $ 31,500.

Required:

i. What was the cost of raw materials purchased during the year?
ii. What was the direct-labour cost charged to production during the year?
iii. What was the cost of goods manufactured during the year?
iv. What was the cost of goods sold during the year?

Reference no: EM131967207

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