Exercise 3 35% The following data are available for three companies at the end of their fiscal years: Company Alpha Finished goods, April 1 $ 400,000 Cost of goods manufactured 2,600,000 Sales 3,500,000 Gross profit on sales Finished goods inventory, March 31 ? Company Beta: Freight in $ 12,000 Purchases returns and allowances 22,000 Marketing expense 85,000 Finished goods, December 31 65,000 Cost of goods sold 550,000 Cost of goods available for sale ? Company Chi: Gross profit $ 264,000 Cost of goods manufactured Finished goods, January 1 Finished goods, December 31 Work in process, January 1 Work in process, December 31 Sales 612000 34,000 26,000 18,000 12,000 Required Determine the amounts indicated by the question marks. (AICPA adapted) Exercise 4 Wyoming Company's purchases of materials during June totaled $25,000, and the cost of goods sold for June was $130,000. Factory overhead was 200% of direct labor cost. Other information pertaining to Wyoming Company's inventories and production for June is as follows: Inventories Beginning Ending Finished goods $42,500 $39,000 Work in process 15,500 17,000 Materials 5,000 8,500 Required: (1) Prepare a schedule of cost of goods manufactured. (2) Compute the prime cost charged to Work in Process (3) Compute the conversion cost charged to Work in Process. (AICPA adapted)