The information below has been taken from the cost records of Tercel Company for the...
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Accounting
The information below has been taken from the cost records of Tercel Company for the past year:
Raw materials used in production (all direct) $326,000
Total manufacturing costs charged to jobs during the year (includes raw materials, direct labour, and manufacturing overhead applied at the rate of 60% of direct labour cost) $686,000
Cost of goods available for sales $826,000
Selling and administrative expenses $25,000
Inventories Beginning Ending Raw materials (all direct) $75,000 $85,000 Work in process 80,000 30,000 Finished goods 90,000 110,000
51) What was the cost of raw materials purchased during the year? A) $411,000. B) $336,000. C) $360,000. D) $316,000. 52) What amount of direct labour cost was charged to production during the year? 52) A) $225,000. B) $360,000. C) $216,000. D) $135,000. 53) What was the cost of goods manufactured during the year? 53) A) $716,000. B) $636,000. C) $736,000. D) $766,000. 54) What was the cost of goods sold for the year (before disposition of any under- or overapplied overhead)? A) $691,000. B) $801,000. C) $716,000. D) $736,000.
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