Selected data concerning the past years operations of the Lone Star Leather Company are as follows: Required:

Selected data concerning the past year’s operations of the Lone Star Leather Company are as follows:

Required:
1. What was the cost of raw materials purchased during the year?
2. What was the direct-labor cost charged to production during the year?
3. What was the cost of goods manufactured during the year?
4. What was the cost of goods sold during the year?

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Inventories Beginning $142,000 160,000 180,000 Ending Raw material Work in process Finished goods Other data $162,000 220,000 $ 652,000 60,000 Direct material used Total manufacturing costs charged to production during the year (includes direct material, direct labor, and manufacturing overhead applied at a rate of 60% of direct-labor cost-................................. Cost of goods available for sale Selling and administrative expenses 1,372,000 1,652,000 63,000