Final Exam Business 102 Name Massol Lopez Section 1 . The following information was taken from the accounting records of Modern Manufacturing company for Year 1: 2019 Dec.31 Jan. 1 2019 (Ending) \\(Beginning) Inventory Raw Materials..... Inventory of Goods in Process... ....$45,000 Inventory of Finished Goods.......... ......$22,000 $50,000 $10,000 Purchases of Raw Materials.... .....$74,000 Direct Labor... ...$255,000 $90,000 $150,000 Factory Overhead...... .$270,000 Compute the following for Year 1: a. Cost of raw materials used Computations $0,0so+ 255,000 - 45,000= $ 260,000 b. Total manufacturing costs 8654248080600 Computations 2:60,000 + 150009+ 270,000 $ 680, 000 c. Cost of Finished goods manufactured Computations 10,000 + 260,0 00 + 150, 000+ 270 000 - 221000 $ 668,000 d. Cost of goods sold Computations 90 000.+ 668,000- 74000 $ 684, 000 2 . From the list of accounts listed below, determine the cost of goods sold for 2009. Raw Materials -1/1/09 $22,0000 -12/31/09 Work-in-progress-1/1/09 11,0000 20,0000 -12/31/09 25,0000 1