Problem 1 The accounting records of Cinotti Manufacturing Company include the following information:

	Dec. 31, 2017	Dec. 31, 2016
Work in process inventory	$ 10,700	$ 12,200
Finished goods inventory	35,000	32,600
Materials purchased	116,300
Raw materials inventory	?	18,000
Indirect materials transferred to production	12,100
Direct materials used	115,400
Manufacturing overhead applied	133,100
Manufacturing overhead incurred	134,600
Direct labor incurred	120,000
Selling expenses	67,000

Calculate the following:

1. Raw materials inventory at 12-31-17

2. Total manufacturing costs during 2017

3. Cost of goods manufactured during 2017

4. Cost of goods sold for 2017

5. Total product costs for the year ending December 31, 2017. Label the financial statements and specific sections on which these amounts are reported