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Renka Shoe Company makes loafers. During the most recent​ year, Renka incurred total manufacturing costs of $25,400,000. Of this​ amount, $2,500,000 was direct materials used and $18,800,000 was direct labor.

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Renka Shoe Company makes loafers. During the most recent​ year, Renka incurred total manufacturing costs of $25,400,000. Of this​ amount, $2,500,000 was direct materials used and $18,800,000 was direct labor. Beginning balances for the year were Raw Materials​ Inventory, $600,000​; ​Work-in-Process Inventory, $1,200,000​; and Finished Goods​ Inventory, $1,300,000. At the end of the​ year, balances were Raw Materials​ Inventory, $700,000​; ​Work-in-Process Inventory, $1,600,000​; and Finished Goods​ Inventory, $1,230,000.

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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