Perfect Fit Shoe Company makes loafers. Du ng the most recent year, e e Fit ncur

Question

Perfect Fit Shoe Company makes loafers. Du ng the most recent year, e e Fit ncurred total manufactu ng costs $27 0 0 Of s amount $2.600,000 was direct mate als used and Sia. was direct or Beginning balances for the year were Direct Materials, $700,000: Work-in-Process Inventory. 5800,000; and Finished Goods Inventory. $1,200,000. At the end of the year, balances were Direct Materials, $500,000 Work-in-Process nventory $1,700,000; and Finished Goods Inventory, $1,490,000 Read the requirements Requirement 2. Analyze the inventory accounts to determine the cost of goods manufactured for the year Work in-Process Beginning Work-in-Process Inventory 800000 Direct Materials Used 2600000 19800000 Manufacturing Ow Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory Cost of Goods Manufactured

Explanation / Answer

Beginning Work-in Process inventory 800000 Direct materials used 2600000 Direct labor 19800000 Manufacturing overhead 4600000 (27000000-2600000-19800000) Total manufacturing costs incurred during the year 27000000 Total manufacturing costs to account for 27800000 Ending Work-in Process inventory 1700000 Cost of goods manufactured 26100000 (27800000-1700000)

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