The Fujita Company produces a single product. Costs accumulated at the end of the period are as follows:

Raw material purchases	$54,000	Production supervisor’s salary	$20,000
Depreciation on manufacturing equipment	3,000	Shipping costs on units sold	43,500
Sales commissions	20,000	Materials used in production	81,400
Factory labor	36,000	Goods completed	115,000
Property tax on manufacturing equipment	3,500	Costs of units sold	150,000

Assume the beginning raw material inventory was $ 67,400, the beginning finished goods inventory was $123,500, and there was no beginning work in process inventory.

Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process, and Finished Goods.

Answer rating: 100% (QA)

a Raw material ending balance Beginning balance Puchase ... View the full answer