The accounting records of Idaho Paper Company include the following information

Question

The accounting records of Idaho Paper Company include the following information relating to the current year: Dec1 Jan1 Materialsinventory...............................................................$20,000 $25,000 Work in processinventory................................................... 37,500 40,000 Finished goods inventory,Jan1(10,000 units@ $21 perunit).. ? 210,000 Purchases of direct materials duringyear............................... 330,000 Direct labor costs assigned toproduction............................. 375,000 Manufacturingoverhead...................................................... 637,500 The company manufactures a single product; during the current year 45,000 units were manufactured and 40,000 units were sold. c. compute the cost of goods sold during the year assuming that the FIFO method of inventory costing is used d. compute the cost of the inventory of finished goods at december 31 of the current year, assuming that the FIFO method of inventory costing is used

Explanation / Answer

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