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32. Analyzing Activity in Inventory Accounts Steger Designs makes winter boots and moccasins at its...

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Accounting

32. Analyzing Activity in Inventory Accounts Steger Designs makes winter boots and moccasins at its factory in northern Minnesota. Assume the following represents data related to Steger operations last year:

Raw materials used $ 400,000
Total manufacturing costs charged to production during the year (includes raw materials, direct labor, and manufacturing overhead applied at a rate of 200 percent of direct labor costs) 850,000
Cost of goods available for sale 958,000
Selling and general expenses 280,000

Inventories
Beginning Ending
Raw materials $ 110,000 $ 105,000
Work-in-process 75,000 92,000
Finished goods 125,000 135,000

Determine each of the following: (a) Cost of raw materials purchased $Answer

(b) Direct labor costs charged to production $Answer

(c) Cost of goods manufactured $Answer

(d) Cost of goods sold $Answer

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