Information from The Chatham Company is given below in $000s for this period:
Sales ---------------------------------------------------------------$700
Selling and administrative costs---------------------------- 52
Purchases of raw materials ----------------------------------18
Direct labor---------------------------------------------------------- 22
Manufacturing overhead---------------------------------------- 210
Raw materials used (all direct cost) -----------------------22
Cost of goods manufactured ---------------------------------136
Beginning raw materials inventory ---------------------------50
Beginning work-in-process inventory---------------------- 156
Beginning finished goods inventory ------------------------160
Ending finished goods inventory----------------------------- 150
Required: Determine the following amounts in dollars:
a. Ending Raw Materials assuming all Raw Materials costs are classified as direct costs
b. Ending Work-in-Process Inventory
c. Cost of Goods Sold