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Please calculate the Raw Materials inventory during the year (Jan 1 - Dec 31, 2020). Opening Raw Materials for inventory was 1,000 units valued
Please calculate the Raw Materials inventory during the year (Jan 1 - Dec 31, 2020). Opening Raw Materials for inventory was 1,000 units valued at $400,000. 10 units were left at Dec 31 for $4,000. The rest was used to produce inventory. 2,000 more units were made during the year for $800,000. A) What is the Total Quantity of Raw Materials (RM) used as of Dec 31, 2020? B) What is the Total Dollars ($) of RM used at year end Dec 31, 2020? C) Co. adds $100,000 more to WIP in the form of Direct Labor (DL), and $500,000 in overhead. ending WIP $25,000. Please tell the Company Cost of Goods Manufactured (COGM): D) What is this year's Cost of Goods Sold (COGS) if beginning is $50,000 and ending Finished Good's (FG) is $20,000? E) How much profit is made with $1,000,000 in sale price for job?
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