Raw material inventory1/1/2004 5,000
Raw material inventory12/31/2004 2,000
Direct labor charged to production during 2004 18,000
Factory overhead costs incurred during2004 15,000
Cost of goods manufactured for the year of2004 45,000
Work in process inventory,1/1/2004 5,000
Work in process inventtory12/31/2004 15,000
Finished goods inventory1/1/2004 15,000
Cost of goodssold 40,000
a. Determine the cost of material purchased
b. The cost of raw materials used during the year
c. The balance in the finished goods inventory account on dec.31, 2004