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Salsa Inc-Manufacturing concern closing entries

The following events took place for Salsa Inc. during May 2010, the first month of operations as a producer of road bikes:

â?¢Purchased $376,200 of materials.
â?¢Used $323,500 of direct materials in production.
â?¢Incurred $280,000 of direct labor wages.
â?¢Applied factory overhead at a rate of 75% of direct labor cost.
â?¢Transferred $781,000 of work in process to finished goods.
â?¢Sold goods with a cost of $741,100.
â?¢Sold goods for $1,326,600.
â?¢Incurred $318,700 of selling expenses.
â?¢Incurred $118,600 of administrative expenses.
Determine the inventory balances at the end of the first month of operations.

Materials inventory, May 31 $ 52700
Work in process inventory, May 31 $
Finished goods inventory, May 31 $

Can't figure out how to find WIP invertory and Finished Goods Inventory for the end of the month .

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Solution Summary

Salsa Inc's May 2010 clsoing entries