In: Accounting
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?
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 | ||