Selected data concerning the past year’s operations of the Ozarks Manufacturing Company are as follows: Required:1. What was the cost of raw materials purchased during the year?2. What was the direct-labor cost charged to production during the year?3. What was the cost of goods manufactured during the year?4. What was the cost of goods sold during the year? InventoriesBeginningEndingRaw material .$71,000$ 81,000Work in process80,00030,000Finished goods90,000110,000Other data:Direct material used$326,000Total manufacturing costs charged to production during the year(includes direct material, direct labor, and manufacturing overheadapplied at a rate of 60% of direct-labor cost)686,000Cost of goods available for sale826,000Selling and administrative expenses31,500

Answered: Inventories Beginning Ending Raw…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 8MC: What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials,...

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Selected data concerning the past year’s operations of the Ozarks Manufacturing Company are as follows:

Required:
1. What was the cost of raw materials purchased during the year?
2. What was the direct-labor cost charged to production during the year?
3. What was the cost of goods manufactured during the year?
4. What was the cost of goods sold during the year?

Inventories
Beginning
Ending
Raw material .
$71,000
$ 81,000
Work in process
80,000
30,000
Finished goods
90,000
110,000
Other data:
Direct material used
$326,000
Total manufacturing costs charged to production during the year
(includes direct material, direct labor, and manufacturing overhead
applied at a rate of 60% of direct-labor cost)
686,000
Cost of goods available for sale
826,000
Selling and administrative expenses
31,500

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