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Traf Shoe Company makes loafers. During the most recent year, Traf incurred total manufacturing costs of $22,900,000. Of this amount, $2,800,000 was direct materials used
Traf Shoe Company makes loafers. During the most recent year, Traf incurred total manufacturing costs of $22,900,000. Of this amount, $2,800,000 was direct materials used and $15,800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory, \$900,000; Work-in-Process Inventory, \$1,500,000; and Finished Goods Inventory, $900,000. At the end of the year, balances were Raw Materials Inventory, \$800,000; Work-in-Process Inventory, \$1,500,000; and Finished Goods Inventory, $810,000. Requirements Cost of raw materials purchased during the year
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