West Shoe Company makes loafers. During the most recent yeat, West incurred total manufacturing cost of $19,400,000. Of this amount, $2,100,000 was direct materials used and $12,800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory, $500.000; Work-in-Process Inventory, $1,200,000; and Finished Goods Inventory, $700,000. At the end of the year, balances were Raw Materials Inventory, $700,000; Work-in-Process Inventory, $1,500,000; and Finished Goods Inventory, $1,120,000
Requirements:
Analyze the inventory accounts to determine.
1. Cost of raw materials purchased to determine
2. Cost of goods manufactured for the year.
3. Cost of goods sold for the year.
3. Cost of goods sold for the year
Finished Goods Fill in the Blank
Beginning Finished Goods Inventory $700,000
Cost of Goods Manufactured $19,100,000
Cost of Goods Available for Sale ____________
Ending Finished Goods Inventory $1,120,000
Cost of Goods Sold _____________