What is the amount transferred to Finished Goods Inventory

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Problem - The accounting records of Roland Manufacturing Company include the following information:

 

Dec. 31

Jan. 1

Work in process inventory

$70,000

$50,000

Finished goods inventory

120,000

160,000

Direct materials used

350,000

 

Direct labor

220,000

 

Selling expenses

125,000

 

Manufacturing overhead is applied at a rate of 150% of direct labor cost.

Instructions - Answer the following questions:

1. What is the total of the debits to Work in Process Inventory during the year?

2. What is the amount transferred to Finished Goods Inventory during the year?

3. What is the cost of goods sold?

Reference no: EM132636736

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