Barber Company Produces and Sells Only One Product Required:
Determine the Ending Balances for Raw Materials, Goods in the Year

Essay

Barber Company produces and sells only one product.The company began the year with inventory balances as follows: Raw Materials $51, 700, Goods in Process $12, 000, and Finished Goods $123, 500.During the year, the following activity occurred:
$\begin{array}{lc}\text { Raw material purchases } & \$ 32,500 \\\text { Direct labor } & 77,700 \\\text { Inclirect labor } & 38,000 \\\text { Office rent } & 24,000 \\\text { Factory rent } & 120,000 \\\text { Depreciation-Office machinery } & 15,000 \\\text { Depreciation-Equipment } & 25,000 \\\text { Applied manufacturing overhead } & 300,000 \\\text { Factory insurance } & 20,000 \\\text { Raw materials used } & 40,000 \\\text { Miscellaneous manufacturing overhead } & 94,600 \\\text { Cost of goods manufactured } & 421,000 \\\text { Cost of goods sold } & 405,800\end{array}$
Required:
Determine the ending balances for Raw Materials, Goods in Process, and Finished Goods.