During the year, Machines & Things Ltd. purchased $550,000 of raw materials in cash. The company had a beginning balance of raw materials of $750,000. At the end of the year the company had an ending raw materials inventory balance of $500,000 In your answer, only include whole numbers and do not forget to use commas. ex: $150,000,000 a. The value of the raw materials that were transferred into production was S Part b is not a continuation of Part a In your answer, only include whole numbers and do not forget to use commas. ex: $150,000,000 During the year, Machines& Things Ltd. transferred $400,000 of raw materials into production. During the production process, the company incurred $200,000 of labor and $300,0 inventory balance? overhead costs WIP had an ending balance of $500,000 It was noted that $700,000 of WIP was transferred to finished goods. What was the beginning WIP b. The beginning WIP inventory balance was $ Part c is not a continuation of Parts a or b During the year, Machines & Things Ltd. transferred $400,000 of completed products from work in process into finished goods. The finished goods inventory had a beginning balance of $50,000. The company had $500,000 of sales for the year with a gross margin of 40%. In your answer, only include whole numbers and do not forget to use commas. ex: $150,000,000 c. What is the value of the ending finished goods inventory