The following inventory information is available for Ricci M

The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2017 Beginning Ending Raw materials $17,000 $19,000 9,000 14,000 8,000 537,000 $41,000 Work in process Finished goods 11,000 Total In addition, the following transactions occurred in 201:7 1. Raw materials purchased, $75,000. 2. Incurred factory labor, s80,000, all is direct labor. 3. Incurred the following overhead costs during the year: Utilities $6,800, Depreciation on manufacturing machinery $8,000, Manufacturing machinery repairs $9,200, Factory insurance $9,000 4. Assigned $80,000 of factory labor to jobs. 5. Applied $36,000 of overhead to jobs. Using the grid below, enter the beginning balances, record the above transactions, and then enter the ending balances. (Enter negative amounts using cither a negative sign preceding the number e.g. -45 or parentheses e.g (45)) Manufacturing Costs Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Raw Materials Inventory Factory Labor Manufacturing Overhead Beginning balances 1. 2. 3. 5. Ending balance Attempts: 0 of 5 used

Solution

Manufacturing cost Work in progress Finished goods Raw material inventory Factory labor Manufacturing overheads Inventory Inventory Cost of goods sold Beginning balance 17000 9000 11000 1 75000 2 80000 3 33000 4 -80000 80000 5 -36000 36000 Ending balance 92000 0 -3000 125000 11000 0