Ace Welding Company’s accounting records show that, for the most recent year, the raw materials inventory account had a beginning balance of $24,000. During the year, Ace purchased $82,000 of raw materials. At year-end, the raw materials inventory account had a balance of $25,000.

Required:
a. What was the cost of materials issued out to work in process during the year?
b. Suppose the work-in-process account had a beginning balance of $220,000. During the year, the total manufacturing costs charged to operations (including the cost of raw materials, direct labor, and all manufacturing overhead) amounted to $800,000. The balance of the work-in-process account at the end of the year was $180,000. What was the cost of goods completed and transferred to finished goods during the year?
c. Suppose the finished goods account had a beginning balance of $40,000 and an ending balance of $85,000. Calculate the cost of goods sold during the year.