The partial information that follows pertains to the operations of Good Time Clock Company Obj. 2 for 2004 :

Determine

(a) the cost of materials purchased,

(b) the cost of raw materials used during the year, and

(c) the balance in the finished goods inventory account on December 31, 2004.

Transcribed Image Text:

Raw materials inventory, January 1, 2004 Raw materials inventory, December 31, 2004 Direct labor charged to production during 2004 Factory overhead costs incurred during 2004 Cost of goods manufactured for the year 2004 Work-in-process inventory, January 1, 2004 Work-in-process inventory, December 31, 2004 Finished goods inventory, January 1, 2004 Cost of goods sold $ 5,000 2,000 18,000 15,000 45,000 5,000 15,000 15,000 40,000