Lott Corporation showed the following balances in its inventory accounts as of January 1:
Raw materials inventory $28,800
Work-in-process inventory 36,000
Finished goods inventory 24,000
The following transactions took place during the year:
1. Manufacturing overhead costs of $352,400 were incurred.
2. Raw material purchases totaled $76,800.
3. Direct labor charges in the amount of $410,400 were incurred.
4. The cost of goods sold was determined to be $540,000.
5. Raw materials in the amount of $86,200 were placed into production.
6. Cost of goods completed during the period was $549,800.
Determine the year-end balance of each of the following. You are not required to use T-Accounts to answer this question, but whichever method used, please show all of your work and identify your answers clearly:
a. Raw materials inventory
b. Work-in-process inventory
c. Finished goods inventory
d. Cost of goods sold