Question

\\ A 8 pt X Company, mamaturer, mente N VI VNĐ XC 2 25% - HN The following additional W ny additional information was wait • Revenue for the year was $83,125 • Direct material purchases du ed the following Direct w as Direct labo Overhead • Several jobs that cost a total of $19 • Several jobs that cost a total of $2 • There were no unfinished or finishe purchases during the year were $33,736 07 STS 115. 2 What was Cost of Goods Sold for the year? 1. AO $167,661 BO $196,10 $19,810 were unfinished us of the end of the year of $26,625 were finished during the year but now Shed or finished jobs at the beginning of the year. 8 pt X Company has the fol $196,163 CO $229,511 onpany has the following estimated costs for 2020: DO S268,528 EO 3314.178 TO 1975 Direct materials Direct labor Factory supplies Factory un 563.700 15.400 19.900

Answer 1

Given that Total Costs incurred During the year 1 Particulars I Amount Direct Material 50678 Direct Labour 87893 Overhead 176392 TOTAL COST 314963 Unfinished Jobs at cost at the end of the year =19810 Finished jobs but not sold at end of the year =26625 Revenue Direct Materilal Purchased = 83128 - 33736 Cost of Good Sold= Total Cost-Closing Stock = 314963-19810-26625 = 268528

The cost incurred during the year is irrelevant here total cost incurred should be taken for the calculation of Total costs assuming the difference of total dm cost incurred to the dm purchased during year as the cost of opening dm