Question

Renka Shoe Company makes loafers. During the most recent year, Renka incurred total manufacturing costs of $ 26,400,000. Of this amount, $ 2,100,000 was direct materials used and $ 19,800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory, $ 600,000; Work-in-Process Inventory, $ 800,000; and Finished Goods Inventory, $ 700,000. At the end of the year, balances were Raw Materials Inventory, $ 900,000; Work-in-Process Inventory, $ 1,400,000; and Finished Goods Inventory, $ 990,000.

Requirements
Analyze the inventory accounts to determine:
1. Cost of raw materials purchased during the year.
2. Cost of goods manufactured for the year.
3. Cost of goods sold for the year.



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  • CreatedJanuary 16, 2015
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