Computing Cost of Goods Sold for a Manufacturing Firm The following information is available for… 1 answer below »

Computing Cost of Goods Sold for a Manufacturing Firm

The following information is available for Granite Inc.

Products in Sample Inventory

Raw materials:

2008

2007

2006

Beginning inventory                                          

$ 125

$ ?

$ 96

Purchases                                                  

372

410

?

Materials available to use                                      

$ ?

$ ?

$ 463

Ending inventory                                            

136

?

?

Raw materials used                                          

 $ ?

 $ 379

 $ 369

Direct labor                                                   

318

?

307

Manufacturing overhead                                          

398

401

?

Total manufacturing costs                                        

 $ ?

 $1,093

 $1,059

Work in process, January 1                                       

78

?

74

 

 $1,155

 $ ?

 $ ?

Work in process, December 31                                    

?

78

?

Cost of goods manufactured                                      

 $ ?

 $ ?

 $1,052

Finished goods, January 1                                         

?

90

83

 

 $1,167

 $ ?

 $ ?

Finished goods, December 31                                     

?

110

?

Cost of goods sold                                             

 $1,067

 $1,076

 $ ?

Instructions: Compute the missing amounts.

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