Search Example #2 (module 3) XYZ Company had the following information for the month of December: December 1 December 31 Direct Materials Work in Process Finished Goods $ 22,000 22,000 24,000 ? $ 15,000 Additional Information: Sales revenue Direct labor Manufacturing overhead Selling & administrative expenses S 300,000 40,000 55,000 65,000 REQUIRED: (1) If net income for December was $100,000 and cost of goods manufactured was $150,000, calculate the ending finished goods balance. (2) If cost of goods manufactured was $180,000 and the ending balance of direct materials was $30,000, calculate the amount of direct materials purchased. PROBLEMS