Davis Corporation manufactures and sells widgets to both residential and business customers: Below is the...

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Accounting

Davis Corporation manufactures and sells widgets to both residential and business customers:

Below is the January 1, 2016 Trial Balance for Davis Corporation

Davis Corporation
Trial Balance
As of January 1, 2016
Account Name DR. CR.
Cash $400,000 -
Accounts receivables 100,000 -
Prepaid insurance 30,000 -
Raw materials inventory 100,000 -
Work In Process inventory 140,000 -
Finished Goods Inventory 30,000
Accounts payables - $250,000
Capital Stock - $350,000
Retained Earnings - $200,00
TOTAL: $800,000 $800,000

Schedule of jobs in Work In Process Inventory as of 01/01/2016 and the related costs associated with each job by cost type
Job Number Direct Materials Direct Labor Overhead Total Job Status
3 $5,000 $2,000 $3,000 $10,000 In production
4 $1,000 $24,000 $15,000 $40,000 In production
5 $15,000 $25,000 $50,000 $90,000 In production
Total amount in Work In Process Inventory as of 01/01/2016: $140,000 -

Schedule of jobs in Finished Goods Inventory as of 01/01/2016 and the related costs associated with each job by cost type
Job Number Direct Materials Direct Labor Overhead Total Job Status
1 $3,000 $2,000 $1,000 $6,000 Waiting for customer to purchase
2 $8,000 $2,000 $14,000 $24,000 Waiting for customer to purchase
Total amount in Finished Goods Inventory as of 01/01/2016: $30,000 -

Davis Corporation
Trial Balance
As of December 31, 2016
Account Name DR. CR.
Cash $300,000 -
Accounts receivables 600,000 -
Prepaid insurance 20,000 -
Raw materials inventory 80,000 -
Work in process inventory 200,000 -
Finished goods inventory 20,000 -
Accounts payables - $150,000
Capital Stock - 350,000
Retained Earnings - 200,000
Revenue - $1,300,000
Raw Materials purchased 200,000 -
Cost of Goods Sold 570,000 -
General and Administrative expenses 10,000
TOTAL $2,000,000 $2,000,000

Schedule of all Jobs that incurred costs and the related amount of costs incurred during 2016
Job Number Revenue Direct Materials Direct Labor Overhead Total Cost Job Status
1 $100,000 $3,000 $2,000 $1,000 $6,000 Shipped and billed
2 $200,000 $8,000 $2,000 $14,000 $24,000 Shipped and billed
3 $700,000 $50,000 $100,000 $10,000 $160,000 Shipped and billed
4 $200,000 $39,000 $121,000 $20,000 $180,000 Shipped and billed
5 $100,000 $10,000 $150,000 $50,000 $210,000 Shipped and billed
6 NONE $10,000 - - $10,000 Finished Goods inventory / waiting to be shipped
7 NONE $10,000 $90,000 $100,000 $200,000 Work in Process inventory
$1,300,000 $130,000 $465,000 $195,000

Based on the data shown above, Calculate the amount of Raw Materials used in production in 2016:

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