Determine raw materials inventory-cost of goods sold, Corporate Finance

Lott Corporation showed the following balances in its inventory accounts as of January 1:

Raw materials inventory $28,800

Work-in-process inventory 36,000

Finished goods inventory 24,000

The following transactions took place during the year:

1. Manufacturing overhead costs of $352,400 were incurred.

2. Raw material purchases totaled $76,800.

3. Direct labor charges in the amount of $410,400 were incurred.

4. The cost of goods sold was determined to be $540,000.

5. Raw materials in the amount of $86,200 were placed into production.

6. Cost of goods completed during the period was $549,800.

Determine the year-end balance of each of the following. You are not required to use T-Accounts to answer this question, but whichever method used, please show all of your work and identify your answers clearly:

a. Raw materials inventory

b. Work-in-process inventory

c. Finished goods inventory

d. Cost of goods sold

Posted Date: 4/6/2013 5:35:33 AM | Location : United States

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