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The accounting records of Hobart Industries show the following information for the most recent year ended December 31: Dec. 31 Jan. 1 Inventory of work in process $ 40,000 $ 18,000 Inventory of finished goods 60,000 68,000 Direct materials used 250,000 Direct labor 120,000 Manufacturing overhead 145,000 Selling expenses 135,000

a. What is the amount debited to the Work In Process Inventory account during the year. (Omit the "tiny_mce_markerquot; sign in your response.) Work in process inventory $

b. What is the cost of goods manufactured for the year? (Omit the "tiny_mce_markerquot; sign in your response.) Cost of goods manufactured $

c. What is the cost of goods sold for the year? (Omit the "tiny_mce_markerquot; sign in your response.) Cost of goods sold $

d. What are the total manufacturing costs for the year? (Omit the "tiny_mce_markerquot; sign in your response.) Total manufacturing costs $

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Accounting Basics, Accounting

Category:- Accounting Basics
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