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    ktaylor2925 Posts: 1, Reputation: 1
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    Jan 26, 2013, 02:16 PM
    How to find finished goods inventory
    •Purchased $427,000 of materials.
    •Used $367,500 of direct materials in production.
    •Incurred $315,000 of direct labor wages.
    •Applied factory overhead at a rate of 80% of direct labor cost.
    •Transferred $892,500 of work in process to finished goods.
    •Sold goods with a cost of $848,750.
    •Sold goods for $1,500,000.
    •Incurred $367,500 of selling expenses.
    •Incurred $131,950 of administrative expenses.

    Can't figure out work in progress inventory

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