Pan Company's accounting records reflect the following inventories: Dec. 31, 2016 $260,000 160,000 150,000 Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2017 $310,000 300,000 190,000 During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. The total raw materials available for use during 2017 for Pan Company is

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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. Pan Company's accounting records reflect the following inventories:
Dec. 31, 2016
$260,000
160,000
150,000
Raw materials inventory
Work in process inventory
Finished goods inventory
Dec. 31, 2017
$310,000
300,000
190,000
During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000,
and manufacturing overhead incurred was $640,000.
The total raw materials available for use during 2017 for Pan Company is
Transcribed Image Text:. Pan Company's accounting records reflect the following inventories: Dec. 31, 2016 $260,000 160,000 150,000 Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2017 $310,000 300,000 190,000 During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. The total raw materials available for use during 2017 for Pan Company is
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