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Managerial Accounting Exercise The manufacturing cost accounts of Varsity Manufacturing Co. provide the following information for the year ended December 31, 2011: Direct materials used $500,000 Direct materials purchased $520,000 Direct labor cost assigned to production $130,000 Wages paid to direct workers $120,000 Manufacturing overhead costs applied to production $190,000 Cost of finished goods manufactured $850,000 Inventories at the beginning and end of the year were as follows: Dec. 31 $65,000 $15,000 $35,000 Materials Work in Process Finished Goods Jan. 1 S? $10,000 $65,000 1. Refer to the above data. The total amount of inventory that should appear in the company's balance sheet at December 31, 2011S S, 00Q Refer to the above data. The total manufacturing costs charged to the Work in Process Inventory account during 2011 amounted to: $ Refer to the above data. The total manufacturing costs deducted from revenue in 2011: amounted to: $ Refer to the above data. The balance in the Materials Inventory account at the beginning of 2011: was: $ 2. 3. 4