Happy Feet Shoe Company makes loafers. During the most recent year, Happy Feet incurred total manufacturing costs of $26, 100,000. Of this amount, $2, 100,000 was direct materials used and $19, 800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory, $500,000; Work-in-Process Inventory, $1,000,000; and Finished Goods Inventory, $500,000. At the end of the year, balances were Raw Materials Inventory, $600,000; Work-in-Process Inventory, $1, 400,000; and Finished Goods Inventory, $920,000.
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.
4. Cost of raw materials purchased during the year.
Direct Materials
Direct Materials Used
Beginning Raw Materials Inventory
Ending Raw Materials Inventory
Purchases
Answers: 2
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Happy Feet Shoe Company makes loafers. During the most recent year, Happy Feet incurred total manufa...
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