The Information Below Has Been Taken from the Cost Records

question 132

Essay

The information below has been taken from the cost records of Toro Corp. for the past year:
$\begin{array}{llr} \text { Raw materials used in production } &\$572\\ \text {Total manufacturing costs charged to production during the year (includes } &\\ \text { \( \$ 255\) of factory overhead) } &1,095\\ \text {Cost of goods available for sale } &1,415\\ \text { Selling \( \mathcal{\&} \) administrative expenses} &255\\\end{array}$


$$\begin{array} { | l | c | c | } \hline \text { Inventories: } & \text { Beginning } & \text { Ending } \\\hline \text { Direct materials } & 175 & 155 \\\hline \text { Work in process } & 220 & 190 \\\hline \text { Finished goods } & 290 & 310 \\\hline\end{array}$$
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:

Time Slots

Predefined or scheduled periods of time allocated for specific activities or events.

Day View

In calendar or scheduling applications, Day View displays the tasks or events scheduled for a single day.

Work Week

A work week refers to the structured period of time during which an organization conducts its business activities, typically encompassing Monday through Friday.

Week View

A display option in calendar applications that shows the events, meetings, or appointments scheduled for the upcoming week.