Problem 2-8 Preparing Financial Statements; Cost Behaviour (LO1 - CC1; LO5 - CC9, 10; LO6 - CC11, 12)

Selected account balances for the year ended December 31 are provided below for Superior Company:

I calculated the total cost of direct materials wrong and I dont know why. This is how I did: 7.98x50000. But when I checked my work it turned out to be wrong.

Problem 2-8 Preparing Financial Statements; Cost Behaviour (LO1- CC1; LO5 - CC9, 10; L06 - CC11, 12) Selected account balances for the year ended December 31 are provided below for Superior Company 104,000 8,200 39,700 291,500 60,000 Selling and administrative salaries Insurance, factory Utilities, factory Purchases of raw materials Indirect labour Direct labour Advertising expense Cleaning supplies, factory Sales commissions Rent, factory building Maintenance, factory 77,900 7,300 47,000 112,000 30,000 Inventory balances at the beginning and end of the year were as follows: Beginning of End of the Year the Year $40,800 13,000 ? 31,400 Raw materials Work in process Finished goods 47,000 The total manufacturing costs for the year were $698,000, the goods available for sale totaled $755,000, and the cost of goods sold totalled $663,000