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Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs accu- mulated...

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Accounting

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Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs accu- mulated 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 83,500 Factory labor 36,000 Goods completed 115,000 Property tax on manufacturing equipment 3,500 Cost of units sold 150,000 Assume the beginning raw materials inventory was $62,800, the beginning finished goods inventory was $118,400, and there was no beginning work-in-process inventory. Required: Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process and Finished Goods. E7-1 Raw Materials Beginning balance Purchases Total available Transferred to work in process Closing balance Work in Process Beginning balance Transferred from raw material Depreciation on manufacturing equipment Factory labor Property tax on manufacturing equipment Production supervisor's salary Total cost of work in process Goods completed Closing balance Finished Goods Beginning balance Goods completed Total cost of finished goods Cost of units sold Closing balance

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