Question - The Weaver Manufacturing Company incurred direct labor costs of $205,000, and manufacturing overhead amounted to $173,000 during the year ended 30 June 2018. Materials purchases for the year were $198,000. Opening and closing inventories were as follows:
Item 1 July 2017 30 June 2018
Direct materials 49,000 42,000
Work-in-process 28,000 30,000
Finished goods 80,000 76,000
Required:
I. Calculate the Cost of Goods Manufactured by Weaver Manufacturing Company.
II. The Cost of Goods Sold by Weaver Manufacturing Company.