Reference no: EM132067542
Thomas Manufacturing includes the following accounting records:
Dec. 31, 2016 31-Dec-15
Work in Process Inventory $15,000 $12,000
Finished Goods Inventory $45,000 $51,000
Materials Purchased $331,000
Raw Materials Inventory $24,000
Direct Materials Used $325,000
Manufacturing Overhead incurred $132,000
Direct Labor $120,000
Selling Expenses $70,000
Calculate the following:
1.) Raw Materials Inventory at Dec. 31, 2016
2.) Total Manufacturing costs added to Work in Process Inventory during 2016
3.) Cost of Goods Manufactured during 2016
4.) Total Inventories recorded as of Dec. 31, 2016
5.) Assume Cost of Goods Manufacture is $500,000. What is Cost of Goods Sold for 2016.