Fundamentals of Cost Accounting 3rd Edition by William N. Lanen, Shannon W. Anderson, Michael Maher

Exercise 55

Prepare Statements for a Manufacturing Company

The following balances are from the accounts of Hill Components:

	?January 1 (Beginning)	?December 31 (Ending)
Direct materials inventory	$37,000	$34,000
Work-in-process inventory	52,100	55,000
Finished goods inventory	12,000	14,000

Direct materials used during the year amount to $46,000, and the cost of goods sold for the year was $53,000.

Required

Find the following by completing a cost of goods sold statement:

a. Cost of direct materials purchased during the year.

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b. Cost of goods manufactured during the year.

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c. Total manufacturing costs incurred during the year.