16.Seaside Ventures began 2007 with $150,000 of raw material inventory, $430,000 of work-in-process inventory, and $128,000 of finished goods inventory. During the year, Seaside purchased $700,000 of raw material and used $780,000 in production. Labor used in production during the year was $840,000. Overhead was $1,120,000. Cost of goods completed was $3,120,000 and cost of goods sold was $3,040,000.
Required:
Prepare a schedule to determine ending balances for raw material, work-in-process, and finished goods inventories.
17.The following inventory information is available for Niedermyer Company:
Units Unit cost Total cost
Beginning inventory1,000$72$ 72,000
April. 14 purchase2,00084168,000
April. 26 purchase2,00090180,000
Ending inventory500
Required:
Fill in the table below (assume periodic inventory method).
FIFOLIFOWeighted average
Ending inventory
Cost of goods sold
18.The following inventory information is available for Miami Lakes Company:
Units Unit cost Total cost
Beginning inventory20$16$ 320
June 9 purchase100202,000
June 16 sale85
June 20 purchase100242,400
June 25 sale110
Required:
Using the perpetual method, fill in the table below. Round all unit costs to the nearest $.01.
FIFOLIFOWeighted average
Ending inventory
Cost of goods sold