The Information Below Has Been Taken from the Cost Records

question 91

Essay

The information below has been taken from the cost records of Gator Corp. for the past year:
$\begin{array}{llr} \text { Raw materials used in production } &\$326\\ \text {Total manufacturing costs charged to production during the year (includes } &\\ \text { \( \$ 135 \) of factory overhead) } &686\\ \text {Cost of goods available for sale } &826\\ \text { Selling \( \mathcal{\&} \) administrative expenses} &25\\\end{array}$

$$\begin{array} { | l | r | r | } \hline \text { Inventories: } & \text { Beginning } & { \text { Ending } } \\\hline \text { Direct materials } & 75 & 85 \\\hline \text { Work in process } & 80 & 30 \\\hline \text { Finished goods } & 90 & 110 \\\hline\end{array}$$
Required:
(a) Calculate the cost of direct materials purchased during the year.
(b) Calculate the direct labor costs charged to production during the year.
(c) Calculate the cost of goods manufactured during the year.
(d) Calculate the cost of goods sold for the year.

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Definitions:

Analyze Information

The process of examining data or details in order to extract meaningful insights or conclusions.

Legal Charges

Fees or expenses related to legal services, or allegations brought in a legal setting against an individual or entity.

Dishonesty

The act of being untruthful or deceptive in behavior, contrary to honesty in actions, speech, or conduct.

Readers

Individuals or groups who read or are the intended audience for a written document or message.