Blue Water Sails, Inc. (BWS) manufactures sailcloth used by sailmakers that produce sails for sailboats. BWSs sailcloth is the conventional polyester-based sail material and is used widely in recreational boating. Sailmakers throughout the world use BWSs sailcloth. The manufacture of sailcloth has a small number of processes, and BWS integrates them carefully so that there is very little Work-in-Process Inventory. The product is measured in yards of cloth, which is prepared in rolls 42 inches wide. Because it has little Work-in-Process Inventory, BWS also uses backflush accounting to simplify the accounting for its operations. BWS has the following information for the most recent accounting period. The beginning inventory of polyester fiber was $150,500, and the ending inventory was $186,900.

Polyester fiber purchased	$	639,000
Conversion cost incurred	$	1,566,000
Direct materials standard cost	$	3.50	per yard of cloth
Conversion standard cost	$	7.65	per yard of cloth
Units produced		169,000	yards of cloth

Show the closing entries

Here is what I have so far. How do you find Cost of Goods Sold and Materials Inventory?

Please help me on 4b. that's all I need. Thank you!

No Credit Transaction (1) General Journal Materials Inventory Accounts Payable, Cash Debit 639,000 639,000 1,566,000 Conversion Cost Incurred Wages payable, other accounts 1,566,000 1,884,350 Finished Goods Materials Inventory Conversion Cost Applied 591,500 1,292,850 Conversion Cost Applied Cost of Goods Sold Conversion Cost Incurred 0 000 000 1,292,850 273,150 1,566,000 (46) 564,000 Cost of Goods Sold Materials Inventory 564,000 X