Flow of manufacturing costs. Toyota Corporation, a Japanese automobile manufacturer, follows U.S. GAAP and reports its results in millions of yen (¥). On March 31, 2008 and 2007, Toyota reported the...

Flow of manufacturing costs. Toyota Corporation, a Japanese automobile manufacturer, follows U.S. GAAP and reports its results in millions of yen (¥). On March 31, 2008 and 2007, Toyota reported the following information pertaining to its inventories: March 31 (Millions of Yen) 2008 2007 Raw Materials and Supplies Inventory . . . . . . . . . . . . . . . . . . . . ¥ 374,210 ¥ 362,686 Work-in-Process Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239,937 236,749 Finished Goods Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,211,569 1,204,521 Toyota reported Cost of Products Sold for the year ended March 31, 2008, of ¥20,452,338. Toyota reported no write-downs of inventory to lower of cost or market during either fiscal year. a. What is the carrying value of Toyota’s total inventory, as of March 31, 2008? b. What was the cost of units completed by Toyota during 2007? c. Suppose that Toyota’s direct labor and overhead were ¥12,000,000 million for the year ended March 31, 2008. How much in raw materials and supplies costs did Toyota charge to Work in Process during the year ended March 31, 2008? What journal entry did it make to record this charge? d. What was the cost of Toyota’s raw material and supplies purchased for the year ended March 31, 2008? Assuming all purchases were made on credit, what journal entry did Toyota make to record those purchases?