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Good Slings Inc. manufactures several wood and string instruments at its factory in Thunder Bay. In particular, it is well-known for its production of classic

Good Slings Inc. manufactures several wood and string instruments at its factory in Thunder Bay. In particular, it is well-known for its production of classic guitars. Assume that Good Slings uses a periodic inventory system and a physical count of inventory takes place at year end. The company accumulated the following costs and account balances for the year ended December 31, 2010 with respect to direct materials:

Balance of materials on January 1, 2010 $197,000
Balance of materials on December 31, 2010 $170,000
Materials purchases during 2010 $744,000

In addition, the following table shows Good Slings remaining costs for the year:

Indirect materials $60,000
Direct labor $287,000
Indirect labor $158,000
Utilities, factory $73,000
Utilities, office $27,000
Insurance, factory $17,000
Advertising $21,000

Do not enter dollar signs or commas in the input boxes. a) Calculate the cost of direct materials used in production for the year. Materials used in production: $Answer b) What is the total manufacturing overhead cost for the year? Manufacturing Overhead: $Answer c) Calculate total manufacturing costs. Total Manufacturing Costs: $Answer d) If there is no beginning work in process inventory and ending work in process inventory is $54,000, what is the cost of goods manufactured? Cost of Goods Manufactured: $Answer

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