Biology Forums - Study Force

Red Tail Manufacturing, Inc. provided the following information for the year:

PurchasesRaw Materials   $91,000
Plant Utilities and Insurance   66,000
Indirect Materials Used   11,240
Indirect Labor   4,830
Direct Materials Used in Production   98,000
Direct Labor   118,500
Depreciation on Factory Plant and Equipment   8,000
Cost of Goods Manufactured   292,000
Cost of Goods Sold   290,000

The inventory account balances as of January 1 are given below.

Raw Materials Inventory   $45,000
Work-in-Progress Inventory   11,000
Finished Goods Inventory   304,570

What is the ending balance in the Finished Goods Inventory?
A) $304,570
B) $596,570
C) $302,570
D) $306,570

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Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.