The following financial information is for Danville Company. (Note that the most current financial information is presented in the first column.)
December 31,2021 December 31,2020
Raw materials inventory $ 8,000 $ 10,000
Work-in-process inventory $600,000 $550,000
Finished goods inventory $350,000 $410,000
Of the total raw materials placed in production for the year, $12,000 was for indirect materials. The company also had the following costs for the year:
Selling $ 90,000
General and administrative $240,000
Raw materials purchases $100,000
Direct labor used in production $125,000
Manufacturing overhead $630,000
Required: 1. Prepare a schedule of raw materials placed in production for the year ended December 31, 2021.
2. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2021.
3. Prepare a schedule of cost of goods sold for the year ended December 31, 2021.