During the year, Machines & Things Ltd. purchased $400,000 of raw materials in cash. The company had a beginning balance of raw materials of $1,000,000. At the end of the year, the company had an ending raw materials inventory balance of $600,000. Do not include decimals and do not forget to use commas, ex: $150,000,000. a. The value of the raw materials that were transferred into production was $[x]. = During the year, Machines & Things Ltd. transferred $200,000 of raw materials into production. During the production process, the company incurred $500,000 of labor and $400,000 of overhead costs. WIP had an ending balance of $300,000. It was noted that $700,000 of WIP was transferred to finished goods. What was the beginning WIP inventory balance? Only use whole numbers and do not forget to use commas. ex: $150,000,000. b. The beginning WIP inventory balance was $[y] = During the year, Machines & Things Ltd. transferred $700,000 of completed products from work in process into finished goods. The finished goods inventory had a beginning balance of $200,000. The company had $500,000 of sales for the year with a gross margin of 40%. c. What is the value of the ending finished goods inventory? [z]