Exercise - The following information is available for Aikman Company.
January 1, 2017 2017 December 31, 2017
Raw materials inventory $23,680 $31,650
Work in process inventory 16,120 18,470
Finished goods inventory 29,410 21,410
Materials purchased $153,280
Direct labor 221,550
Manufacturing overhead 184,550
Sales revenue 903,450
Compute costs of goods manufactured. Create an income statement through gross profit. Show the presentation of the ending inventories on the December 31, 2017 balance sheet.