Red Tail Manufacturing inc provided the following information for the year

Purchased - Raw Materials: $91,000

Factory Services and Insurance: $67,000

Indirect Materials Used: $11,000

Indirect Labor: $4,100

Direct Materials Used in Production: $97,000

Direct Labor: $117,000

Depreciation of Factory Plant and Equipment: $7,000

What is the closing balance in the Finished Goods Inventory?

Cost of Produced Goods: $291,000

Cost of Goods Sold: $290,000

Inventory balances as of January 1 are as follows:

Raw Materials: $46,000

Work In Progress: $11,000

Finished Product Inventory: $304,600

Answer rating: 100% (QA)

Answer i The formula for Cost of Goods Sold is COGS Beginning Finis... View the full answer