Question 5- Part 3
Please fill in the blanks and list in accordance
Extracted text: 26,300,000 Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For 27,800,000 Ending Work-in-Process Inventory (1,200,000) $ 26,600,000 Cost of Goods Manufactured Requirement 3. Analyze the inventory accounts to determine the cost of goods sold for the year. Finished Goods Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Finished Goods Inventory Cost of Goods Sold
Extracted text: Root Shoe Company makes loafers. During the most recent year, Root incurred total manufacturing costs of $26,300,000. Of this amount, $2,000,000 was direct materials used and $19,800,000 was direct labor. Beginning balances for the year were Direct Materials, $700,000; Work-in-Process Inventory, $1,500,000; and Finished Goods Inventory, $400,000. At the end of the year, balances were Direct Materials, $800,000; Work-in-Process Inventory, $1,200,000; and Finished Goods Inventory, $600,000. Read the requirements. Requirement 1. Analyze the inventory accounts to determine the cost of direct materials purchased during the year. Direct Materials Direct Materials Used $ 2,000,000 Beginning Direct Materials (700,000) 800.000 Ending Direct Materials $ 2,100,000 Purchases Requirement 2. Analyze the inventory accounts to determine the cost of goods manufactured for the year. Work-in-Process Beginning Work-in-Process Inventory 1,500,000 Direct Materials Used $ 2,000,000 Direct Labor 19,800,000 4,500,000 Manufacturing Overhead