Factory labor $36,000 Property tax on manufacturing equipment $3,500 Production supervisor’s salary $20,000 Shipping costs on units sold $43,500
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
Sales commissions $20,000
Factory labor $36,000
Property tax on manufacturing equipment $3,500
Production supervisor’s salary $20,000
Shipping costs on units sold $43,500
Materials used in production $83,500
Goods completed $115,000
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.
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