The McIvor Company has the following inventory balances at the beginning of 2016:

At the end of 2016, the controller calculates the Cost of Goods Sold to be \($700,000\) and the Cost of Goods Manufactured as \($750,000.\) Ending Work-in-Process for 2016 was estimated to be \($95,000.\) During 2016, the company purchased \($200,000\) of raw materials and used \($190,000\) of raw materials. Manufacturing overhead during 2016 was \($300,000\).

a. What was the ending Raw Materials balance in 2016?

b. What amount of direct labor was paid during 2016?

c. What was the ending balance of Finished Goods in 2016?

Transcribed Image Text:

Raw Materials Work-in-Process Finished Goods $ 50,000 $ 75,000 $100,000