Problem: The following events took place for Salsa Inc. during May 2010, the first month of operations as a producer of road bikes:
- Purchased $376,200 of materials.
- Used $323,500 of direct materials in production.
- Incurred $280,000 of direct labor wages.
- Applied factory overhead at a rate of 75% of direct labor cost.
- Transferred $781,000 of work in process to finished goods.
- Sold goods with a cost of $741,100.
- Sold goods for $1,326,600.
- Incurred $318,700 of selling expenses.
- Incurred $118,600 of administrative expenses.
Determine the inventory balances at the end of the first month of operations.
Materials inventory, May 31 $ 52700
Work in process inventory, May 31 $
Finished goods inventory, May 31 $
Can't figure out how to find WIP invertory and Finished Goods Inventory for the end of the month .