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Oniel company began the year with 870,000 of raw material inventory 1,390,000 of work-in-process inventory and 620,000 of finished goods inventory. During the year, the company purchased 3,550,000 of raw materials and used 3,720,000 of raw materials in production. Labor used in porduction for the year 2,490,000. Overhead was 1,380,000. Working in process completed and transferred to finsihed goods inventory was 7,410,000. Cost of goods sold for the year was 7,500,000

a. Determine the ending balance in the raw materials, work in process and finsihed goods inventory accounts.

b. Assume Oniel practices JIT inventory management. Its goal is to reduce inventory levels, improve quality and reduce costs. Comment on Oniel success in reducing inventory levels

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Accounting Basics, Accounting

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