Cost Flow in a Manufacturing Organization

SE 3. Given the following information, compute the ending balances of the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory

accounts:

Materials Inventory, beginning balance $ 23,000

Work in Process Inventory, beginning balance 25,750

Finished Goods Inventory, beginning balance 38,000

Direct materials purchased 85,000

Direct materials placed into production 74,000

Direct labor costs 97,000

Overhead costs 35,000

Cost of goods manufactured 123,000

Cost of goods sold 93,375