Starwood Company reported the following amounts for 2022:
Raw materials purchased.......................... $120,000
Beginning raw materials inventory............. 16,000
Ending raw materials inventory.................. 5,000
Beginning finished goods inventory........... 11,000
Ending finished goods inventory................ 8,000
Administrative expenses............................ 12,000
Direct labour used...................................... 44,000
Selling and administrative expenses......... 21,000
Beginning work in process inventory......... 17,000
Ending work in process inventory.............. 16,000
Manufacturing overhead costs................... 36,000
Instructions
Calculate the cost of materials used in production.
b) Calculate the cost of goods manufactured.