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The Information Below Has Been Taken from the Cost Records

Question 136

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The information below has been taken from the cost records of Toro Corp. for the past year:
 Raw materials used in production $572Total manufacturing costs charged to production during the year (includes  $255 of factory overhead) 1,095Cost of goods available for sale 1,415 Selling & administrative expenses255\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}


 Inventories:  Beginning  Ending  Direct materials 175155 Work in process 220190 Finished goods 290310\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.

Correct Answer:

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(a) $175 + x ? 155 = 572; x = ...

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