Reference no: EM133017739

Question - Joel Inc. has the following information for year 20X1:

Beginning inventory Ending inventory

Raw Material inventory $40,000 $30,000

Work-in-Process inventory $35,000 $18,000

Finished Goods inventory $30,000 $40,000

Additional information for the year is as follows:

Raw materials purchases: $200,000

Direct labor: $150,000

Actual Manufacturing overhead costs: $150,000

Applied Manufacturing overhead costs: $160,000

Required -

Compute the cost of raw materials used in production.

Compute the total manufacturing costs.

Compute the cost of goods manufactured.

Compute the UNADJUSTED cost of goods sold for Joel Inc.

Compute the ADJUSTED cost of goods sold for Joel Inc.