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What are the balances in the Raw Material

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Problem - What are the journal entries for these transactions showing possible inventory cost flows?

1) Purchased, on credit 10,000 lbs. of mix at $.50 per lb.

2) Used 8,000 lbs. in production.

3) A physical inventory of material reveals a shortage of 200 lbs.

4) Added $4,000 of direct labor and $2,000 of manufacturing overhead to production.

5) Completed production of $12,000 of finished goods.

Required - What are the balances in the Raw Material, WIP and Finished Goods?

Reference no: EM132453974

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