for the number for remaining Raw Materials please simply use an Ending Balance of USD30k for Raw Materials. ?Mira closes her raw materials with USD 30K, with 40k of raw materials moving to Work in Progress (WIP) replacing any information in the case with this. ?

Davis decided to take advantage of her friend's offer of help and provided Smith with the following information on the events that occurred from January 1, 2019 to June 30, 2019: 1. January 1, 2019: 8,000 shares issued for $25 each. 2,000 shares issued for a five-year license of the recipe, which would begin on July 1, 2019. January 12, 2019: Paid $7,000 cash for legal fees to incorporate the business. 2. 3. June 1, 2019: Purchased Bourbon barrels to be used in production, which was scheduled to start on July 1, for $5,000. 4. June 9, 2019: Purchased 5,000 pounds of ingredients (hops, barley, malt, and yeast) for $20,000. 5. June 30, 2019: Paid $75,000 for brewing equipment (including delivery and installation of fermenter, mixing tank, pumps, etc.) Over the next six months, Davis had ramped up operations and brewed, aged, and sold several batches. She provided Smith with the following information on events that occurred from July 1, 2019 to December 31, 2019: 6. Purchased an additional 10,000 pounds of ingredients from the supplier for $50,000, $5,000 of which was unpaid at year-end. 7. August 1, 2019: Paid $18,000 cash for a six-month web advertisement campaign, targeted to beer and Bourbon drinkers. 8. October 1, 2019: Purchased office furniture for $8,000 cash. 9. December 1, 2019: Borrowed $15,000 on a line of credit at an annual interest rate of 8%. No interest had been paid for the month of December. 10. Expended $34,000 for direct manufacturing labor and on manufacturing-related overhead (rent, utilities, supervisory labor). The company spent another $23,000 on general and administrative costs. 11. 25% (or 3,750 pounds) of the ingredients were remaining. However, all of the beer had been sold and there was no beer in-process. 12. Sold $145,000 of beer to regional bottlers, with $45,000 still uncollected.