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Understanding the Relationship between Cost Flows, Inventories, and cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items
Understanding the Relationship between Cost Flows, Inventories, and cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2. Required: Calculate the values of the missing items. Year 1 Year 2 Item: Direct materials used in production $50,000 Direct materials: Beginning inventory $10,000 45,000 Direct materiais purchases Direct materials: Ending inventory 15,000 17,000 Direct labor used in production 53,000 Manufacturing overhead costs used in production 80,000 76,000 Work in process: Beginning inventory 17,000 14,000 Work in process: Ending inventory 14,000 19,000 8,000 7,000 Finished goods: Beginning inventory Finished goods: Ending inventory Cost of goods sold 7,000 11,000 169,000 Check My Work
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