Directions: Do all of the following problems and questions. . Ensure that you write your name on each page of the exam. Write your answers on the exam and when complete or the time has elapsed, upload the exam to Blackboard. ENSURE THAT YOU SAVE YOUR WORK OFTEN.

Problem 1

Model Company manufactures rocking chairs. It provided the following information for the year ended June 30, 2020.

Balances Beginning Ending

Direct materials $169,000 $59,000

Work-in-process inventory 45.000 68,000

Finished goods inventory 81,000 78,000