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The accounting records of Hobart Industries show the following information for the most recent year ended December 31:
December 31 January 1Inventory of work in process: $40,000 $18,000Inventory of finished goods: 60,000 68,000Direct materials used: 250,000Direct labor: 120,000Manufacturing overhead: 145,000Selling expenses: 135,000
A). Find the amount debited to the work in process inventory account during the year?
B). What is the cost of goods manufactured for the year?
C). What is the cost of goods sold for the year?
D). What are the total manufacturing costs of the year?
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