Justine Industries Justine Industries is calculating its Cost of Goods Manufactured at year$-$end. The company's accounting records show the following: The Raw Materials Inventory account

had a beginning balance of $$17,000$ and an ending balance of $$12,000.$ During the year, the company purchased $$55,000$ of direct materials. Direct labor for the year

totaled $$121,000,$ while manufacturing overhead amounted to $$151,000.$ The Work in Process Inventory account had a beginning balance of $$22,000$ and anding

balance of $$21,000.$ Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. $($Hint: The first step is to

calculate the direct materials used during the year.$)$

Start by calculating the direct materials used during the year.

Justine Industries

Calculation of Direct Materials Used

For Current Year

Compute the Cost of Goods Manufactured for the year.

Calculation of Cost of Goods Manufactured

For Current Year

Plus: Manufacturing costs incurred

Plus: Manufacturing costs incurred

Less

Cost of goods manufactured