Selected account balances for the year ended December 31 are provided below for BFun Company:...
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Selected account balances for the year ended December 31 are provided below for BFun Company: Sales revenue.. .$1,000,000 Selling and administrative salaries. $110,000 Purchases of raw materials.... $290,000 Direct labor..... ..? Advertising expense.. $80,000 Manufacturing overhead. $270,000 Sales Commissions. $50,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of the Year $40,000 ? $50,000 End of the Year $10,000 $35,000 ? The total manufacturing costs for the year were $683,000; the goods available for sale totaled $740,000; and the cost of goods sold totaled $660,000. Required: 1. Calculate the following: a. Direct material used in production b. Direct labor added to production C. Ending finished goods inventory d. Cost of goods manufactured e. Beginning work in process inventory
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