Compute the closing account balances of each

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Problem - Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs accumulated at the end of the period are as follows:

Raw material purchases

$54,000

Production supervisor's salary

$ 20,000

Depreciation on manufacturing equipment

3,000

Shipping costs on units sold

43,500

Sales commissions

20,000

Materials used in production

83,500

Factory labor

36,000

Goods completed

115,000

Property tax on manufacturing equipment

3,500

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.

Reference no: EM132882744

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