Barber Company Produces and Sells Only One Product Required:
Determine the Ending Balances for Raw Materials, Goods in the Year

question 29

Essay

Barber Company produces and sells only one product.The company began the year with inventory balances as follows: Raw Materials $51, 700, Goods in Process $12, 000, and Finished Goods $123, 500.During the year, the following activity occurred:
$\begin{array}{lc}\text { Raw material purchases } & \$ 32,500 \\\text { Direct labor } & 77,700 \\\text { Inclirect labor } & 38,000 \\\text { Office rent } & 24,000 \\\text { Factory rent } & 120,000 \\\text { Depreciation-Office machinery } & 15,000 \\\text { Depreciation-Equipment } & 25,000 \\\text { Applied manufacturing overhead } & 300,000 \\\text { Factory insurance } & 20,000 \\\text { Raw materials used } & 40,000 \\\text { Miscellaneous manufacturing overhead } & 94,600 \\\text { Cost of goods manufactured } & 421,000 \\\text { Cost of goods sold } & 405,800\end{array}$
Required:
Determine the ending balances for Raw Materials, Goods in Process, and Finished Goods.

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Definitions:

Dependent Variable

The variable in a study or experiment that is expected to change or vary as a result of manipulations of the independent variable(s).

Internal Validity

The judgment that for a particular experiment, it is possible to conclude that the manipulated independent variable caused the change in the measured dependent variable.

Independent Variable

A variable in research that is manipulated or changed to observe its effect on a dependent variable, allowing researchers to infer cause-and-effect relationships.

Dependent Variable

In experimental research, the variable that is tested and measured to see if it is influenced by changes in the independent variable.