2 or 4 (2 complete) Perfect Fit Shoe Company makes loafers. During the most rece

Question

2 or 4 (2 complete) Perfect Fit Shoe Company makes loafers. During the most recent year, Perfect Fit incurred total manufacturing costs of $27,000,000. Of this amount $2,600,000 was direct materials used and $19,800,000 was direct labor. Beginning balances for the year were Direct Materials, $700,000: Work-in-Process Inventory, S800,000; and Finished Goods Inventory. S1,200,000. At the end of the year, balances were Direct Materials, $500,000, Work-in-Process Inventory, $1,700,000, and Finished Goods Inventory, $1,490,000 Read the requirements.

Explanation / Answer

Beginning finished goods inventory 1200000 Cost of goods manufactured 26100000 Cost of goods available for sale 27300000 (26100000+1200000) Ending finished goods inventory -1490000 Cost of goods sold 25810000 (27300000-1490000)

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