(L. OBJ. 5) Flow of costs through a manufacturer’s inventory accounts [20-25 min]
Happy Feet Shoe Company makes loafers. During the most recent year, Happy Feet incurred total manufacturing costs of $25.8 M. Of this amount, $2.7 M was direct materials used and $11.8 M was direct labor. Beginning balances for the year were Direct Materials Inventory, $.5 M; Work in Process Inventory, $1.8 M; and Finished Goods Inventory, $1.1 M. At the end of the year, inventory accounts showed these amounts:
Requirements
1. Compute Happy Feet Shoe Company’s Cost of goods manufactured for the year.
2. Compute Happy Feet’s cost of goods sold for the year.
3. Compute the cost of materials purchased during the year.
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