Best Shoe Company makes loafers. During the most recent year,Best ncurred total manufacturing costs of $25,100,000 Of this amount,$2,200,000 was direct materials used and $18,800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory,$500,000;Work-in-Process Inventory,$1,000,000;and Finished Goods Inventory,$700,000.At the end of the year, balances were Raw Materials Inventory, $700,000;Work-in-Process Inventory,$1,700,000; and Finished Goods Inventory,$700,000.

Homework: 1-2 MyAccountingLab Homework: Chapters 16 and 19 Save Score: 0 of 16 pts 2 of 5 (1 complete) HW Score: 20%, 16 of 80 pts Question Help P16-33A (similar to) Best Shoe Company makes loafers. During the most recent year, Best incurred total manufacturing costs of $25,100,000. Of this amount, $2,200,000 was direct materials used and $18,800,000 was direct labor. Beg nning balances for the year were Raw Materials Inventory, $500,000: Work-in tory, $1,000,000; and Finished Goods Invent tory, $700,000. At the end of the year, balances SS Invent were Raw Materials Inventory, $700,000; Work Process Inventory, $1,700,000; and Finished Goods Inventory, $700,000. Requirements Analyze the inventory accounts to determine: 1. Cost of raw materials purchased during the year. 2. Cost of goods manufactured for the year. 3. Cost of goods sold for the year. 1. Cost of raw materials purchased during the year. Direct Materials Direct Materials Used Beginning Raw Materials Inventory Ending Raw Materials Inventory Purchases Enter any number in the edit fields and then click Check Answer. 2 parts Clear All Check Answer remaining