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The following information is available for the manufacturing operations of Argon Ltd. for the month...

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Question

Accounting

The following information is available for the manufacturing operations of Argon Ltd. for the month of January:

Direct materials purchased

$40,000

Direct labour cost

$20,000

Direct labour hours

1,000

Factory overhead rate per direct labour hour

$12

Opening inventory January 1

Ending inventory January 31

Direct materials

$25,000

$20,000

WIP

$15,000

$10,000

Finished goods

$45,000

$40,000

Required (SHOW YOUR WORK)

a) What is the Cost Of Goods Manufactured?

b) What is the Cost Of Goods Sold?

Please show work

Answer & Explanation Solved by verified expert
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