Raw materials inventory Work-in-process inventory. Finished goods inventory $24,000 $32,000 36.000 40,000 25.000 45.000 Raw materials included $6,000 of indirect materials in beginning inventory and $7,000 in ending inventory. Raw materials purchases during the year totaled $80,000, of which $15.000 was for indirect materials. Direct labor costs for the year totaled $95,000. Variable and fixed factory overhead incurred were $48,000 and $60,000, respectively. The firm uses an actual cost system. Required:

a. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20x8.

b. Assuming sales of $400,000 for the year, prepare a partial income statement, showing the amount of gross margin for the year ended December 31, 20x8. Determining Amounts from Given Data. Information from the records of the Bouncing Ball Manufacturing Company for the year ended December 31, 20x2, is shown below: Sales Finished goods inventory- January 1, 2012. Finished goods inventory December 31, 20x2 Direct labor Variable factory overhead Fixed factory overhead Work-in-process inventory- January 1, 20x2 Selling and administrative expenses Net income... $90,000 12.000 8,000 25,000 15,000 20.000 10.000 16,000 5.000 Conversion costs account for 80 percent of current manufacturing costs. The firm uses an actual cost system.

Required: Determine the following amounts for the year ended December 31, 20x2:

a. Prime cost.

b. Cost of goods sold.

c. Cost of goods manufactured.

d. Work-in-process inventory, December 31, 20x2.1