Hula's Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula purchased $1,580,000 of direct materials and placed $1,630,000 worth of direct materials into production. Hula's beginning balance in the Materials Inventory account was $450,000. What is the ending balance in Hula's Materials Inventory account?

Hula's Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula purchased $1,580,000 of direct materials and placed $1,630,000 worth of direct materials into production. Hula's beginning balance in the Materials Inventory account was $450,000. What is the ending balance in Hula's Materials Inventory account?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

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Hula's Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula purchased $1,580,000 of direct materials and placed $1,630,000 worth of direct materials into production. Hula's beginning balance in the Materials Inventory account was $450,000. What is the ending balance in Hula's Materials Inventory account? Correct answer
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W.W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for $400 each. Philllips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Purchase of raw materials $320,000 Beginning materials inventory $46,800 Ending materials inventory $66,800 Direct Labor $200,000 Indirect labor $ 40,000 Rent, factory building $42,000 Depreciation, factory equipment $ 60,000 Utilities, factory $11,900 Salary, sales supervisor $90,000 Commissions, salesperson $180,000 General adminisration $300,000 Beginning work in process inventory $13,040 Ending work in process inventory $14,940 Beginning finished goods inventory $80,000 Ending finished goods inventory…