Richards Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the company follows: Beginning raw materials inventory $ 27,000 Ending raw materials inventory 29,000 Raw material purchases 107,000 Beginning work in process inventory 57,000 Ending work in process inventory 42,000 Direct labor 147,000 Total factory overhead 77,000 Beginning finished goods inventory 72,000 Ending finished goods inventory 62,000 The company's cost of direct materials used, cost of goods manufactured and cost of goods sold is:

COGM Cost Of Direct Materials Used - This can be calculated by adding the beginning raw materials inventory to the raw materials purchased subtracting the ending raw materials inventory.

 Beginning Raw Materials Inventory + Raw Materials Purchases - Ending Raw Materials Inventory Cost of Direct Materials Used

 $27,000 + $107,000 - $29,000 Cost of Direct Materials Used = $105,000

Cost of Goods Manufactured = Cost of Direct Materials Used + Direct Labor + Total Factory Overhead + Beginning Work in Process Inventory - Ending Work in Process Inventory Cost of Goods Manufactured 

= $105,000 + $147,000 + $77,000 + $57,000 - $42,000 Cost of Goods Manufactured = $344,000

Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory Cost of Goods Sold = $72,000 + $344,000 - $62,000 Cost of Goods Sold = $354,000

In conclusion, Richards Company's cost of direct materials used is $105,000, the cost of goods manufactured is $344,000, and the cost of goods sold is $354,000.