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The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following...

The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts.

Direct Materials Inventory
Beg. Bal. 8,800 ? Transferred Out
Purchases ?
End. Bal. 7,200
Cost of Goods Sold
65,000
Work-in-Process Inventory
Beg. Bal. 8,300 ? Transferred Out
Materials 19,600
Labor 14,300
Overhead 8,800
End. Bal. ?
Finished Goods Inventory
Beg. Bal. ? ? Transferred Out
Transferred in 40,300
End. Bal. 5,000

What is the value of the beginning Finished Goods Inventory?

Multiple Choice

  • $0.

  • $5,000.

  • $29,700.

  • $14,100.

0 0
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Answer #1

Beginning Finished Goods Inventory : S 29,700 Working Notes: Cost of goods Sold = Beginning Finished Goods Inventory + Cost o

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