Answered

Get the answers you need at Westonci.ca, where our expert community is always ready to help with accurate information. Discover a wealth of knowledge from experts across different disciplines on our comprehensive Q&A platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

Cost accumulation
accounting records were destroyed, the following information is available from some backup off-site records.
-Biloxi Corp. applies overhead at the rate of 85 percent of direct labor cost.
-The cost of goods sold for the company averages 75 percent of selling price. Sales from January 1 to the date of the hurricane totaled $2,876,400.
-The company's wage rate for production employees is $23.22 per hour. A total of 25,760 direct labor hours were recorded from January 1 through September 25 .
-January 1 inventories (of the current year) were as follows: $35,100 of Raw Material and $124,020 of Finished Goods. Raw materials purchased during the year totaled $1,517,896.80.
-The amount of Work in Process Inventory at January (of the current year) was $26,280. Jobs 325 and Q428 were not in process on January 1 .
-One job, R91, was completed and in the warehouse awaiting shipment on September 25 . The total cost of this job was $298,080.

Determine the following amounts
Cost of goods sold for the year________

Sagot :

Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.