The Following Information Is Available for the Bower Corporation for Last

Essay

The following information is available for the Bower Corporation for last year:
∙ Raw materials inventory decreased $4,000 from the beginning of the year to the end of the year.
∙ Raw materials inventory on December 31 (end of year)was 50% of raw materials inventory on January 1 (beginning of year).
∙ Beginning work in process inventory was $145,000.
∙ Ending finished goods inventory was $65,000.
∙ Purchases of direct materials were $154,700.
∙ Manufacturing overhead was 50% of the cost of direct labor.
∙ Total manufacturing costs incurred were $246,400, 80% of cost of goods manufactured and $156,000 less than cost of goods sold.
Compute:
a)finished goods inventory on January 1 (beginning of year)
b)work in process inventory on December 31 (end of year)
c)direct labor incurred
d)manufacturing overhead incurred
e)direct materials used
f)raw materials inventory on January 1 (beginning of year)
g)raw materials inventory on December 31 (end of year)
Note to students: The solutions to this problem are not necessarily calculated in alphabetical order.