A baby toy factory provides you with information in order for you to answer what is requested below: Concept Amount ($) Initial inventory of raw materials 5,000.00 Initial inventory of production in process 6,000.00 Initial inventory of finished products 7,000.00 Final inventory of materials premium 1,200.00 Final inventory of production in process 2,100.00 Final inventory of finished products 4,800.00 Direct labor 9,200.00 Factory depreciation 1,100.00 Purchase of raw materials 10,000.00 Indirect labor 2,200.00 Factory insurance accrual 1,250.00 Factory income 3,000.00
Calculate the amount (includes operations carried out): a. Of the raw materials used in production b. Of the cost of production