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ACME Corporation began 2007 with $115,000 of rawmaterial inventory, $250,000 of work-in-process inventory, and$98,000 of finished goods inventory. During the year, ACMEpurchased $560,000 of raw material and used $540,000 in production.Labor used in production during the year was $1,120,000. Overheadwas $640,000. Cost of goods completed was $2,370,000 and cost of goods sold was $2,340,000. Determine ending balances for rawmaterials, work-in-process, and finished goods inventories.

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Category:- Accounting Basics
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