Xia Co. manufactures a single product. All raw materials used are traceable to specific units of product. Current information for company follows: Beginning raw materials inventory $ 22,000 Ending raw materials inventory 25,000 Raw material purchases 99,000 Beginning work in process inventory 34,000 Ending work in process inventory 44,000 Direct labor 124,000 Total factory overhead 99,000 Beginning finished goods inventory 74,000 Ending finished goods inventory 54,000 The company's cost of direct materials used, cost of goods manufactured and cost of goods sold is:

Instructions are below.

Explanation:

First, we need to calculate the direct material used in production:

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 22,000 + 99,000 - 25,000

Direct material used= $96,000

Now, we can determine the cost of goods manufactured:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 34,000 + 96,000 + 124,000 + 99,000 - 44,000

cost of goods manufactured= $309,000

Finally, the cost of goods sold:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 74,000 + 309,000 - 54,000

COGS= $329,000

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