BrightStar Corporation, a manufacturing firm, is preparing its financial statements for the year ended December...
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Accounting
BrightStar Corporation, a manufacturing firm, is preparing its financial statements for the year ended December 31, 2023. The following information pertains to its inventory:
Beginning inventory: Raw materials - $200,000 Work in process - $180,000 Finished goods - $350,000
Purchases during the year: Raw materials - $700,000 Direct labor costs - $420,000 Manufacturing overhead costs - $280,000
Ending inventory: Raw materials - $220,000 Work in process - $240,000 Finished goods - $380,000
During the year, the company sold finished goods with a total cost of goods sold amounting to $1,300,000. The company uses the weighted average method for inventory valuation.
Based on the given information for BrightStar Corporation, calculate the following:
- Ending inventory value on December 31, 2023, for raw materials, work in process, and finished goods separately
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