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H3Ko H3Ko
wrote...
Posts: 4891
7 years ago
At the beginning of the year, Judge Manufacturing had the following account balances:

   Work-in-Process Inventory
20,000   



   Finished Goods Inventory
8,000   



   Manufacturing Overhead
0   



   Cost of Goods Sold
0   



   Sales Revenue
   0



The following additional details are provided for the year:

Direct materials placed in production   $83,500
Direct labor incurred   190,500
Manufacturing overhead incurred   300,400
Manufacturing overhead allocated to production   297,900
Cost of jobs completed and transferred   501,700

The ending balance in the Finished Goods Inventory account is a ________.
A) debit of $571,900
B) debit of $509,700
C) debit of $8,000
D) debit of $501,700
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
Read 336 times
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Answer verified by a subject expert
TanksTanks
wrote...
Top Poster
Posts: 1274
7 years ago
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H3Ko Author
wrote...
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
wrote...
4 years ago
thank you
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