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Cost Flow in a Manufacturing organization Given the following information, compute the ending balances of the Materials Inventory, Work In process Inventory, and Finished Goods
Cost Flow in a Manufacturing organization
Given the following information, compute the ending balances of the Materials Inventory, Work In process Inventory, and Finished Goods Inventory accounts:
Materials Inventory, beginning balance | $25,000 |
Work in Process Inventory, beginning balance | 5,750 |
Finished Goods Inventory, beginning balance | 38,000 |
Direct materials purchased | 85,000 |
Direct materials used | 74,000 |
Direct labor costs | 70,000 |
Overhead costs | 35,000 |
Cost of Goods manufactured | 133,000 |
Cost of goods sold | 103,375 |
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