Reference no: EM132583138

Thomas Manufacturing includes the following accounting records:

                                                   Dec. 31, 2016                    31-Dec-15

Work in Process Inventory            $15,000                    $12,000

Finished Goods Inventory             $45,000                    $51,000

Materials Purchased $331,000

Raw Materials Inventory $24,000

Direct Materials Used $325,000

Manufacturing Overhead incurred $132,000

Direct Labor $120,000

Selling Expenses $70,000

Question a: Calculate the following:

1.) Raw Materials Inventory at Dec. 31, 2016

2.) Total Manufacturing costs added to Work in Process Inventory during 2016

3.) Cost of Goods Manufactured during 2016

4.) Total Inventories recorded as of Dec. 31, 2016

5.) Assume Cost of Goods Manufacture is $500,000. What is Cost of Goods Sold for 2016.