Reference no: EM132838208

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

Raw material purchases $54,000
Depreciation on manufacturing equipment Sales commissions 3,000
Factory labor 36,000
Property tax on manufacturing equipment 3,500
Production supervisor's salary 20,000
Shipping costs on units sold 43,500
Materials used in production 83,500
Goods completed 115,00
Cost of units sold 150,000

• Assume the beginning raw materials inventory was $63,500, the beginning finished goods inventory was $118,500, and there was no beginning work-in-process inventory.

Required:

Problem 1: Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process, and Finished Goods.