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Question

I am having an issue figuring out the Manufacturing overhead, Total Manufacturing costs to account for and Cost of

goods manufactured. I get a little confused on how to do the calculations.

Renka Shoe Company makes loafers. During the most recent​ year, Renka incurred total manufacturing costs of

$ 20,000,000. Of this​ amount, $3,000,000 was direct materials used and $12,800,000 was direct labor. Beginning balances for the year were Raw Materials​ Inventory, $800,000​; ​Work-in-Process Inventory, $ $600,000​; and Finished Goods​ Inventory, $1,000,000. At the end of the​ year, balances were Raw Materials​ Inventory, $ 700,000​; ​Work-in-Process Inventory, $ $1,800,000​; and Finished Goods​ Inventory, $730,000.

Requirements

Analyze the inventory accounts to​ determine:

1. Cost of raw materials purchased during the year.

2. Cost of goods manufactured for the year.

3. Cost of goods sold for the year.

 
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