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Q-1) Following inventory and cost data relate to a manufacturing company for 2017. Calculate the Cost...

Question:

Q-1) Following inventory and cost data relate to a manufacturing company for 2017. Calculate the Cost of Goods Sold as at December 31, 2017.

                                                  Item                                                 January 1, 2017         December 31, 2017

                                                 Raw materials                                         8,700                                      7,000

Work in process                                       15,000 13,600

Finished goods                                        16,300 12,000

                                                 Raw materials purchase                                                                     98,700

                                                  Direct labor                                                                                               42,700

                                                  Factory rent                                                                                               8,000

                                                  Factory utilities                                                                                      10,700

Indirect materials 6,600

Indirect labor   9,300

                                                 Operating expenses                                                                              17,000


Answers

Cost of Goods Sold $ 183,400 Working Notes: Schedule of Cost of Goods Manufactured For the Year Ended December 31,2017 DirectSchedule of Cost of Goods Sold For the Year Ended December 31,2017 Finished Goods Inventory, January 1,2017 $ Add: Cost of go

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