Reference no: EM131942184
Question - Renka Shoe Company makes loafers. During the most recent year, Renka incurred total manufacturing costs of $26,400,000. Of this amount, $2,100,000 was direct materials used and $19,800,000 was direct labor. Beginning balances for the year were Raw materials inventory, $600,000; Work in process inventory, $800,000; and Finished goods inventory, $700,000. At the end of the year, inventory accounts showed these amounts:
Raw Materials Inventory: $900,000
Work-in Process Inventory: $1,400,000
Finished Goods Inventory: $990,000
Analyze the inventory accounts to determine:
1) Cost of raw materials purchased during the year.
2) Cost of goods manufactured for the year.
3) Cost of good sold for the year.
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