32. Analyzing Activity in Inventory Accounts Steger Designs makes winter boots and moccasins at its...
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Accounting
32. Analyzing Activity in Inventory Accounts Steger Designs makes winter boots and moccasins at its factory in northern Minnesota. Assume the following represents data related to Steger operations last year:
Raw materials used
$ 400,000
Total manufacturing costs charged to production during the year (includes raw materials, direct labor, and manufacturing overhead applied at a rate of 200 percent of direct labor costs)
850,000
Cost of goods available for sale
958,000
Selling and general expenses
280,000
Inventories
Beginning
Ending
Raw materials
$ 110,000
$ 105,000
Work-in-process
75,000
92,000
Finished goods
125,000
135,000
Determine each of the following: (a) Cost of raw materials purchased $Answer
(b) Direct labor costs charged to production $Answer
(c) Cost of goods manufactured $Answer
(d) Cost of goods sold $Answer
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