Happy FeetHappy Feet

Shoe Company makes loafers. During the most recent year,

Happy FeetHappy Feet

incurred total manufacturing costs of

$ 20 comma 800 comma 000$20,800,000.

Of this amount,

$ 2 comma 700 comma 000$2,700,000

was direct materials used and

$ 13 comma 800 comma 000$13,800,000

was direct labor. Beginning balances for the year were Direct Materials,

$ 500 comma 000$500,000;

Work-in-Process Inventory,

$ 1 comma 300 comma 000$1,300,000;

and Finished Goods Inventory,

$ 1 comma 100 comma 000$1,100,000.

At the end of the year, balances were Direct Materials,

$ 700 comma 000$700,000;

Work-in-Process Inventory,

$ 1 comma 500 comma 000$1,500,000;

and Finished Goods Inventory,

$ 820 comma 000$820,000.

Read the requirements

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.

Requirement 1. Analyze the inventory accounts to determine the

cost

of direct materials purchased during the year.

Direct Materials
Direct Materials Used	$2,700,000
Beginning Direct Materials	(500,000)
Ending Direct Materials	700,000
Purchases	$2,900,000

Requirement 2. Analyze the inventory accounts to determine the

cost

of goods manufactured for the year.

Work-in-Process
Beginning Work-in-Process Inventory		$1,300,000
Direct Materials Used	$2,700,000
Direct Labor	13,800,000
Manufacturing Overhead	4,300,000
Total Manufacturing Costs Incurred during the Year		20,800,000
Total Manufacturing Costs to Account For		22,100,000
Ending Work-in-Process Inventory		(1,500,000)
Cost of Goods Manufactured		$20,600,000

Requirement 3. Analyze the inventory accounts to determine the

cost

of goods sold for the year.

Finished Goods
Beginning Finished Goods Inventory
Cost of Goods Manufactured
Cost of Goods Available for Sale
Ending Finished Goods Inventory
Cost of Goods Sold

just need bottom 5 done.