What is inventory cost?

Work in Process Inventory at end of 2010 was 31,500. What is cost of goods sold, manufactored,?

• Designer Rags makes evening dresses. The following information was gathered from the company records for 2010, the first year of company operations. Work in Process Inventory at the end of 2010 was $31,500. Direct material purchased on account 1,110,000 Direct material issued to production 894,000 Direct labor payroll accrued 645,000 Indirect labor payroll accrued 186,000 Prepaid factory insurance expired 6,000 Factory utilities paid 42,900 Depreciation on factory equipment 65,100 Factory rent paid 252,000 Sales(all on account) 2,862,000 The company's gross profit rate for the year was 35 percent. a. Compute the cost of goods sold for 2010. $ b. What was the total cost of goods manufactured for 2010? $ c. What is Finished Goods Inventory at December 31, 2010? $ d. If net income was $250,000, what were total selling and administrative expenses for the year? $ HOW DO SOLVE FOR THESE ANSWERS!

• Answer:

  That's cheating.