1.

Match the correct answer to each question. Each option may be used more than once or not at all.

What do we call the total costs debited to Finished Goods?	A. Cost of Goods Manufactured
What do we call the total cost credited to Work-in-Process	B. Cost of Finished Goods
What do we call total cost debited to Cost of Goods Sold?	C. Cost of Goods Sold
What do we call total cost credited to Finished Goods?

2.

Joel Inc. has the following information for year 20X1:

Beginning inventory Ending inventory

Raw Material inventory $40,000 $30,000

Work-in-Process inventory $35,000 $18,000

Finished Goods inventory $30,000 $40,000

Additional information for the year is as follows:

Raw materials purchases: $200,000

Direct labor: $150,000

Actual Manufacturing overhead costs: $150,000

Applied Manufacturing overhead costs: $160,000

2a. Compute the cost of raw materials used in production

2b. Compute the total manufacturing costs

2c. Compute the UNADJUSTED cost of goods sold for Joel Inc.

2d. Compute the ADJUSTED cost of goods sold for Joel Inc.