With the following information: Selling and administrative salaries - $135,000 P

Question

With the following information:

Selling and administrative salaries - $135,000
Purchases of raw materials - 305,000
Direct Labor - 105,000
Advertising Expense - 60,000
Manufacturing overhead - 275,000
Sales commission- 70,000

Jan 1 Dec 31
Raw materials 20,000 25,000
Work in process ????? 15,000
Finished goods 65,000 ?????

Total manufacturing costs: 680,000
Cost of goods available for sale: 770,000
Cost of goods sold: 680,000

Compute the beginning work in process, and the ending finished goods inventory

Explanation / Answer

Ans Use the relationship Finished Goods (beginning) = Cost of Goods Sold + Finished Goods Inventory (ending) - Cost of Goods manufactured

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