Reference no: EM132560462

Shafrath Co. had the following inventory balances at 1/1/20:

Direct Materials $150,000

Work in Process 120,000

Finished Goods 84,000

During 2020, the production and selling activities of Shafrath are summarized as follows:

Direct materials purchased $500,000

Direct labor incurred 800,000

Factory overhead 1,200,000

Sales 3,850,000

At 12/31/20, the inventory balances were:

Direct Materials $100,000

Work in Process 160,000

Finished Goods 50,000

Question 1: Cost of materials used = $ ________________

Question 2: Cost of goods manufactured = $ _______________

Question 3: Cost of goods sold