Reference no: EM133057021

Question - 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

Depreciation on manufacturing equipment: 3,000

Sales commisions: 20,000

Factory labor: 36,000

Property tax on manufacturing equipment: 3,500

Production supervisor salary: 20,000

Shipping costs of units sold: 43,500

Materials used in production: 83,500

Goods completed: 115,000

Costs of units sold: 150,000

Assuming the beggining 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 material, work in process, and finished goods.