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Queston Help Casual Shoe Company makes loaters. During the most recent year, Casual incurred total manufacturing costs of $18200,000 of this amount, $2,600,000 was direct materials used and $10.800.000 was direct labor. Beginning balances for the year were Direct Materials, $600,000 Work-in-Process Inventory, $800,000, and Finished Goods Inventory. $800,000. At the end of the year, balances were Direct Materials, $700,000; Work-in-Process Inventory, $1,500,000, and Finished Goods Inventory, $610,000. Read the requirements. Requirement 1. Analyze the inventory accounts to determine the cost of direct materials purchased during the year Direct Materials Direct Materials Used Beginning Direct Materials Ending Direct Materials Purchase Requirement 2. Analyze the inventory accounts to determine the cost of goods manufactured for the year Work-in-Process Beginning Work-in-Process Inventory Direct Materials Used
Work-in-Process Beginning Work-in-Process Inventory Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory Cost of Goods Manufactured Requirement 3. Analyze the inventory accounts to determine the cost of goods sold for the year
Requirement 3. Analyze the inventory accounts to determine the cost of goods sold for the year Finished Goods Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Finished Goods Inventory Cost of Goods Sold
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1 Direct Materials Direct Materials Used 2,600,000 600,000 2,000,000 700,000 2,700,000 Less: Beginning Direct Materials Add: Ending Direct Materials Purchases 2 Work-in-Process Beginning Work-in-Process Invento Direct Materials Used Direct Labour Manufacturing Overhead 800,000 2,600,000 10,800,000 4,800,000 Add: Total Manufactuting Costs incurred during the Year 18,200,000 19,000,000 1,500,000 17,500,000 Total Manufacturing Cost to Account for Less: Ending Work-in-Process Invento Cost of Goods Manufactured Finished Goods Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Finished Goods Inventory Cost of Goods Sold 800,000 17,500,000 18,300,000 610,000 $17,690,000

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