Considering the following information for 2003: Raw Materials Inventory, 1/1/03 $246,000 Work in Process Inventory, 1/1/03...
Considering the following information for 2003:
|
Raw Materials Inventory, 1/1/03 |
$246,000 |
|
Work in Process Inventory, 1/1/03 |
412,000 |
|
Finished Goods Inventory, 1/1/03 |
172,000 |
|
Raw materials purchased |
841,000 |
|
Raw materials issued to production |
923,000 |
|
Direct labor costs incurred |
184,000 |
|
Manufacturing overhead costs incurred |
453,000 |
|
Cost of goods manufactured |
1,619,000 |
|
Cost of goods sold |
1,713,000 |
What is the balance in the Finished Goods Inventory at December 31, 2003?
|
a. |
$19,000 |
|
b. |
$78,000 |
|
c. |
$113,000 |
|
d. |
$595,000 |
Homework Answers
Answer: b. $78,000
Explanation
| Calculation of balance in the Finished Goods Inventory | |
| at December 31, 2003 | |
| $ | |
| Finished Goods Inventory, 1/1/03 | 172,000.00 |
| Add: Cost of goods manufactured | 1,619,000.00 |
| Cost of goods available for sale | 1,791,000.00 |
| Less: Cost of goods sold | (1,713,000.00) |
| Finished Goods Inventory, December 31, 2003 | 78,000.00 |
Add Answer to:
Considering the following information for
2003:
Raw Materials Inventory, 1/1/03
$246,000
Work in Process Inventory, 1/1/03...
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