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lCasual Shoe Company makes loafers. During the most recent year, Casual incurred total manufacturing costs...

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Question

Accounting

lCasual Shoe Company makes loafers. During the most recent year, Casual incurred total manufacturing costs of $17,800,000. Of this amount, $3,000,000 was direct materials used and $10,800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory, $900,000; Work-in-Process Inventory, $1,200,000; and Finished Goods Inventory, $1,100,000. At the end of the year, balances were Raw Materials Inventory, $$800,000; Work-in-Process Inventory, $1,400,000; and Finished Goods Inventory, $1,000,000

Requirements

Analyze the inventory accounts to determine:

1. Cost of raw materials purchased during the year.

2.Cost of goods manufactured for the year.

3. Cost of goods sold for the year.

FILL IN BLANKS PLEASE

Beginning Work-in-Process Inventory _____________________

Direct Materials Used ---------

Direct Labor ---------------------

Manufacturing Overhead ________________

Total Manufacturing Cost Incurred during the year ________________

Total Manufacturing Cost to Account For _______________________

End Work-in-Process Inventory _______________________

Cost of Goods Manufactured

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