Jay Sports Equipment Company, Inc. incurred the following costs during 20x2. ...
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Accounting
| Jay Sports Equipment Company, Inc. incurred the following costs during 20x2. |
| Direct material used | $174,000 |
| Direct labor | 321,000 |
| Manufacturing overhead applied | 160,000 |
| During 20x2, products costing $121,000 were finished, and products costing $132,000 were sold on account for $197,000. There were no purchases of raw material during the year. The beginning balances in the firms inventory accounts are as follows: |
| Raw material | $227,000 | ||||
| Work in process | 16,000 | ||||
| Finished goods | 32,000 | ||||
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