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Bilal Kumu Bilal Kumu
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Posts: 5
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3 years ago
Warren Manufacturing began business on January 1. During its first year of operation, Warren worked on five industrial jobs and reported the following information at year-end:

   Job 1   Job 2   Job 3   Job 4   Job 5
Direct Materials   1,000   7,500   5,000   3,300   1,500
Direct Labor   12,000   20,000   13,400   12,000   800
Allocated Mfg. Overhead   1,500   6,000   2,300   7,600   200
Job completed:   Jun 30   Sep 1   Oct 15   Nov 1   Not completed
Job sold:   Jul 10   Sep 12   Not sold   Not sold   N/A
Revenues:   25,000   39,000   N/A   N/A   N/A

What was the balance in Finished Goods Inventory at year-end?
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Replies
wrote...
3 years ago
Use the formula:

Finished goods inventory = Cost of completed units - cost of units sold

gl
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