Hamilton Inc incurred the following costs during fiscal 2010 Direct materials
Hamilton, Inc. incurred the following costs during fiscal 2010:
Direct materials ....................................................... $ 330,000
Direct labor ............................................................. 160,000
Manufacturing overhead applied ............................ 440,000
During 2010, cost of goods manufactured totaled $ 920,000 while cost of goods sold was $ 930,000. Inventory balances at January 1, 2010, were as follows:
Work-in-process ....................................................... $ 16,000
Finished goods ......................................................... 30,000
Show the flow of costs through the company’s inventory accounts during 2010.
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