The 2020 accounting records of Buccaneer Company revealed the following information:
Direct Labor
Finished Goods Inventory, 1/1
Finished Goods Inventory, 12/31
Manufacturing Overhead
Raw Materials Inventory, 1/1
Raw Materials Inventory, 12/31
Raw Materials Purchases
Work-in-Process Inventory, 1/1
Work-in-Process Inventory, 12/31
$125,000
189,000
140,000
360,000
30,000
10,000
40,000
50,000
76,000
Input Requirements: The answer must include a dollar sign ($) and there must be 1,000 separator
(i.e., 4,500 NOT 4500). Otherwise, the answer will be marked incorrect, even if the computation is
correct.
1. Calculate the Raw Materials Used during 2020.
2. Calculate the Manufacturing Costs Added during 2020.
3. Calculate the Cost of Goods Manufactured during 2020.
4. Calculate the Costs of Goods Available for Sale during 2020.
5. Calculate the Cost of Goods Soold during 2020.