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Given the following information, compute the ending balances of the Materials inventory, Work in process inventory, and finished goods inventory accounts.
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Materials Inventory, beginning balance $ 23,000
Work in Process Inventory, beginning balance $ 25,750
Finished Goods inventory, beginning balance $ 38,000
Direct Materials Purchased $ 85,000
Direct Materials placed into production $ 74,000
Direct Labor costs $ 97,000
Overhead costs $ 35,000
Cost of goods manufactured $ 123,000
Cost of goods sold $ 93,375
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https://brainmass.com/business/business-management/compute-balances-materials-281396
Solution Preview
Ending material inventory = Beginning inventory + Purchases – Used in Production
= 23,000+85,000-74,000 …
