Answered

At Westonci.ca, we connect you with experts who provide detailed answers to your most pressing questions. Start exploring now! Discover reliable solutions to your questions from a wide network of experts on our comprehensive Q&A platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A 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 :

We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.