Question

What is the Finished Goods Inventory? I can't find any reasonable explanation of how to get it.

Problem 15-03A a-d (Video) (Part Level Submission) Oriole Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Oriole Inc. contains the following data. Raw Materials Inventory Work in Process Inventory $4,500 $5,775 Manufacturing Overhead Applied Manufacturing Overhead Incurred $33,900 $32,400 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Cost Element Linton Direct materials Direct labor Manufacturing overhead Customer Job Rodgers Stevens $700 $900 600 750 $1,150 $2,250 200 250 $800 700 875 $2,375 During June, raw materials purchased on account were $5,100, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Job Time Tickets $800 Materials Requisition Slips $900 1,800 600 1,400 400 Rodgers Koss Stevens Linton Rodgers 800 300 1,200 400

Answer 1

Journal entry

No	General Journal	Debit	Credit
2	Work in process (3500*1.25)	4375
	Manufacturing overhead		4375
3	Finished goods inventory	15150
	Work in process inventory		15150
	Cash	17300
	Sales revenue		17300
	Cost of goods sold	15150
	Finished goods inventory		15150