Question

West Shoe Company makes loafers. During the most recent year, West incurred total manufacturing costs of $19,600,000. Of this amount, $2,700,000 was direct materials used and $12,800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory, $500,000; Work-in-Process Inventory, $800,000; and Finished Goods Inventory, $500,000. At the end of the year, balances were Raw Materials Inventory, $700,000; Work-in-Process Inventory, $1,600,000; and Finished Goods Inventory, $620,000.
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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  • CreatedJune 15, 2015
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