Question

In: Accounting

X Company had the following inventory account balances in 2017: Account January 1 December 31 Materials...

X Company had the following inventory account balances in 2017:

Account January 1 December 31
Materials $14,182    $14,146     
Work in Process 16,816    15,510     
Finished Goods 15,900    15,900     

The following additional information for the year is available:

Direct materials purchased $68,355
Direct labor 20,882
Overhead 49,128

What was Cost of Goods Sold in 2017?

Solutions

Expert Solution

Particulars Amount Amount
Raw Material
Opening stock of raw material     14,182
Purchases of raw materials     68,355
Cost of raw materials available for use     82,537
Less: closing stock of raw materials     14,146
Raw materials consumed     68,391
Direct labour     20,882
Prime cost          89,273
Factory Overhead
Overhead     49,128          49,128
       138,401
Add: opening Work In Progress          16,816
Less: closing Work In Progress          15,900
Works cost/cost of production        139,317
Add: Opening Finish Goods          15,900
Less: Closing Finish Goods          15,900
Cost of Goods Sold        139,317

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