Reference no: EM132643982

Problem 1: Given the following information, compute the ending balances of the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory accounts:

Materials Inventory, beginning balance $ 25,000
Work in Process Inventory, beginning balance 5,750
Finished Goods Inventory, beginning balance 38,000
Direct materials purchased 85,000
Direct materials used 74,000
Direct labor costs 70,000
Overhead costs 35,000
Cost of goods manufactured 133,000
Cost of goods sold 103,375