The balances in the perpetual inventory accounts of Hillsdale Manufacturing Corporation at the beginning and end of the current year are as follows:

The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activities are as follows:

Instructions
a. Using these data, state or compute for the year the following amounts:
1. Direct materials purchased.
2. Direct materials used.
3. Payments of direct labor payrolls.
4. Direct labor cost assigned to production.
5. Total manufacturing costs charged to the Work in Process Inventory account during the year.
6. The cost of finished goods manufactured.
7. Cost of goods sold.
8. The total amount to be classified as inventory in the year-end balance sheet.
b. Prepare a schedule of the cost of finished goodsmanufactured.

Transcribed Image Text:

End Beginning of Year of Year Inventory accounts: Materials Work in Process.: . Finished Goods Inventory ....$26,000 $22,000 5,000 25,000 38,000 9,000 Debit Entries Credit Entries Account: Materials Inventory Direct Labor Payable Manufacturing Overhead393,600 393,600 Work in Process Inventory Finished Goods Inventory . . $410,000 $? 189,000 192,000