Question
Information from The Chatham Company is given below in $000s for this period: Sales ---------------------------------------------------------------$700 Selling and administrative costs---------------------------- 52 Purchases of raw materials ----------------------------------18
Information from The Chatham Company is given below in $000s for this period: Sales ---------------------------------------------------------------$700 Selling and administrative costs---------------------------- 52 Purchases of raw materials ----------------------------------18 Direct labor---------------------------------------------------------- 22 Manufacturing overhead---------------------------------------- 210 Raw materials used (all direct cost) -----------------------22 Cost of goods manufactured ---------------------------------136 Beginning raw materials inventory ---------------------------50 Beginning work-in-process inventory---------------------- 156 Beginning finished goods inventory ------------------------160 Ending finished goods inventory----------------------------- 150 Required: Determine the following amounts in dollars: a. Ending Raw Materials assuming all Raw Materials costs are classified as direct costs b. Ending Work-in-Process Inventory c. Cost of Goods Sold
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